Stock Market Recommendations

According to Bajaj Broking Research, Larsen and Toubro and Indian Energy Exchange are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for March 28, 2025.

Index View: NIFTY

Nifty after a strong rally of 1900 points in just 15 sessions has entered a phase of sideways consolidation over the last 3 sessions, amid being in an overbought zone. The index tested the resistance level around 23,800 on Tuesday’s session, where it faced resistance, coinciding with the high from February 2025.

Going ahead, we expect the index to consolidate in the range of 23,800-23,200 thus working off the overbought condition developed in the daily stochastic after the recent sharp rally. We believe consolidation should be considered as healthy retracement making a higher base, which will eventually pave way for further upside towards 24,100-24,200 levels in the coming weeks being the confluence of high of January 2025 and 50% retracement of the entire decline (26277-21965).

NIFTY BANK

Bank Nifty in the last 3 sessions is seen consolidating in a range after a rally of 4200 points (47,800-52,000) in just 9 sessions.

Going ahead, we expect the index to consolidate in the range of 52,000-50,500 thus forming a base for the next leg of up move and in the process work off the overbought condition developed in the daily stochastic.

Stock Recommendations

Larsen and Toubro: Buy in the range of Rs 3450-3520. Target: Rs 3780, Stoploss: Rs 3270, Return: 9%, Time Period: 1 Month.

The stock has witnessed a strong rebound in the last 2-3 weeks and has generated a breakout above the falling channel containing entire decline since Dec’24. In the process the stock has also closed above the 200 days EMA signaling resumption of uptrend thus offers fresh entry opportunity.

Indian Energy Exchange: Buy in the range of Rs 176-180. Target: Rs 196, Stoploss: Rs 167, Return: 10%, Time Period: 1 Month.

The stock is at a cusp of breaking above the falling supply line joining highs of Dec24 (188) and Feb25(185) signaling resumption of up move and offers fresh entry opportunity.

Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.