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Top stock picks for today: MarketSmith India's stock recommendations for 18 March
Subscribe to enjoy similar stories. India’s benchmark index, Nifty 50, opened lower on Monday, 17 March, but rebounded as buying interest emerged at lower levels, pushing it into positive territory. The index closed 112 points higher (+0.50%) at 22,509.65, forming a bullish candle.
Market breadth was positive, with 32 stocks advancing and 18 declining. Read this | HDFC Life is a one-eyed king among the blind Sectoral performance was mixed. Nifty Pharma (+1.56%), Nifty Financial Services (+1.03%), and Nifty Auto (+0.91%) led the gains, while Nifty Media (-0.65%), Nifty Realty (-0.38%), and Nifty PSU Bank (-0.24%) lagged.
Technical indicators suggest improving momentum. The 14-day Relative Strength Index (RSI) at 42 indicates a recovery from oversold levels, while the MACD has shown a positive crossover, though it remains below the central line. According to MarketSmith India’s O’Neil methodology, market status shifted to a ‘Rally Attempt’ from a ‘Downtrend’ on 6 March.
A follow-through day or a new high would upgrade the market to a ‘Confirmed Uptrend’, while a breach of the recent low at 47,841.30 would signal a return to a ‘Downtrend’. Looking ahead, the 21-day moving average (DMA) at 22,580–22,600 remains a key resistance. A decisive move above this could drive Nifty towards 22,850–23,000, while failure to hold above it may lead to further volatility.
On the downside, support is seen around 22,300. Nifty Bank opened on a positive note Monday and remained in the green throughout the session, trading in a narrow range between 48,196 and 48,481. The index held above the previous day's low and formed a small bullish candle, establishing a higher-high, higher-low structure.
Read on livemint.comThe same topic in other media
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