Top stocks to buy today: Stock recommendations for March 28, 2025
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).
On the downside, 23,200-23,000 would act as strong support being the confluence of the recent breakout area and 50 days EMA. Investors should focus on accumulating quality stocks with a medium-term perspective.
Structurally, the current pullback of 1,900 points is the largest since the all-time high of September 2024, suggesting that rallies are becoming more extended. In the process the Nifty witnessed a faster pace of up-move where it regained previous 18 days of fall (23,807-21,965) in just 14 trading sessions, indicating structural turnaround backed by improvement in breadth as well as sentiment indicator. Any pullback from here should be capitalized as a buying opportunity, wherein volatility will prevail, amid upcoming result season and tariff related clarity from Trump.
NIFTY BANK
Bank Nifty in the last 3 sessions is seen consolidating in a range after a 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.
We believe the current breather should be used to accumulate quality banking stocks as we expect the index to sustain above the recent 10 weeks range breakout area (50,500-48,000) and gradually head towards 53,000 levels in coming weeks being the measuring implication of the last 10 weeks range breakout.
Stock Recommendations:
Larsen and Toubro
Buy in the range of Rs 3450-3520
- 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.
- Weekly RSI is in uptrend thus supports the overall positive bias in the stock. We expect the stock to head towards 3780 levels in the coming month being the 80% retracement of the entire decline (3963-3141).
Indian Energy Exchange
Buy in the range of Rs 176-180
- 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.
- The stock is sustaining above the 200 days EMA and is seen breaking above the last 3 sessions range thus supports the positive bias
- We expect the stock to head towards 196 levels in the coming month being the 138% retracement of the previous decline (185-151)
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.
