India’s core energy pulse: three stocks that are ready to surge, recommended by Ankush Bajaj

BHEL

Buy at: ₹216.40 | Target: ₹230-235 | Stop loss: ₹208

The MACD line stands at 1.32, currently above the signal line, indicating a bullish crossover and suggesting potential upward momentum. The recent trading volume exceeds the 30-day average, reflecting heightened trading interest and supporting the ongoing trend momentum. Adx at 30 shows bullishness in this stock. Also, the RSI on the Daily chart is above 60, showing strong momentum.

GAIL

Buy at: ₹183 | Target: ₹210-215 | Stop loss: ₹172

The stock has given a falling wedge pattern breakout with strong volumes. Additionally, the RSI is above the 60 level, suggesting that the momentum is likely to continue.

CESC

Buy at: ₹154 | Target: ₹174-178 | Stop loss: ₹142

The stock has given a head and shoulders breakout at ₹148 and is now trading at ₹153, providing confirmation of the breakout. The RSI is trending upwards and the MACD line is also in positive territory, indicating strong momentum and the potential for a good rally in this stock.

Market update: Nifty and Nifty Bank analysis

The Indian stock market remained stuck in a tight range on Thursday, 28 March, as early optimism faded amid persistent resistance at higher levels. Despite a slight gap-up opening, the indices struggled to maintain momentum, oscillating within a defined range throughout the session. With buyers and sellers locked in a battle for control, market participants adopted a cautious approach, awaiting a decisive breakout.

Benchmark indices: Choppy trade ends in mild losses

The BSE Sensex managed to go down by 191.51 points (0.25%), closing at 77,414, but failed to hold on to its early strength. The NSE Nifty 50 fell by 72.60 points (0.31%), settling at 23,519.35, reflecting the ongoing uncertainty. Meanwhile, Bank Nifty ended almost flat, adding just 11 points (0.02%), to close at 51,564.85, indicating a lack of strong directional bias in the banking space.

The market’s inability to break out of its defined range suggests that traders remain hesitant, with both profit-booking and dip-buying keeping the indices in check. A clear trend may emerge once a decisive breakout or breakdown occurs.

Sectoral trends: The market’s struggles near resistance levels led to a lackluster session with mixed sectoral performance.

• Gainers: The FMCG sector managed to hold steady, rising 0.59%, while the Banking index gained 0.51%, and Midcap Select inched up 0.26%, reflecting selective buying interest.
• Losers: Realty saw a sharp decline of 1.42%, while the Auto and Metal sectors fell 1.03% and 0.73%, respectively, as profit-booking dragged them lower.

Stock-specific highlights: Mixed performance across sectors

Despite the broader market’s struggle, some heavyweight stocks posted notable gains:

• Tata Consumer led the gains, surging 2.91%
• Britannia advanced 2.00%, showing resilience in the FMCG space
• Kotak Bank added 1.98%, reflecting stability in the banking sector

However, selling pressure was visible in select stocks:

• IndusInd Bank declined 3.52%, leading the losers
• Wipro dropped 3.66%, facing heavy selling pressure
• Shriram Finance fell 3.32% as traders booked profits near resistance levels

Market outlook: Key levels to watch

On the daily chart, the uptrend is still intact. The RSI is above 60 and the MFI is also showing positive momentum. Additionally, the ADX indicator shows the DI+ line above the DI- line, indicating that the bullish momentum is likely to continue on the daily timeframe. The EMA 20 is above the EMA 40, further confirming the strength of the ongoing uptrend.

Indian stock market outlook

Technical indicators: Nifty on hourly chart

On the hourly chart, the EMA 40 is above the EMA 20, indicating short-term weakness. The RSI is at 45, reflecting bearish momentum. Immediate support on Nifty is at 23,395—if this level breaks, we may see a further decline towards 23,200-23,100.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

Investments in securities are subject to market risks. Read all the related documents carefully before investing.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.