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Top stock picks for today: MarketSmith India's stock recommendations for 20 March
Subscribe to enjoy similar stories. 1. AMI Organics Ltd: Current market price: ₹2,359.50 | Buy range: ₹2,330–2,370 | Profit goal: ₹2,900 | Stop loss: ₹2,110 | Time frame: 2–3 months 2.
Indian Hotels Co. Ltd: Current market price: ₹810.6 | Buy range: ₹795–820 | Profit goal: ₹960 | Stop loss: ₹740 | Time frame: 2–3 months India's benchmark index, Nifty 50, ended higher for the third consecutive session and closed above 22,900. The index started the day with a muted opening at 22,875 and continued to trade in a range of 22,800–22,940.
As a result, the index formed a bullish candle on the daily chart with a higher-high and higher-low price structure. Barring IT and FMCG, all the major indices closed positive. Market breadth remained strong, with the advance-decline ratio settling at approximately 5:1.
From a technical standpoint, the index managed to close above its 21-DMA and 22,800, which had been facing strong resistance. The 14-day relative strength index (RSI) is trending upward and is currently positioned at 56. Additionally, while the moving average convergence divergence (MACD) has exhibited a positive crossover, it continues to trend below the central line.
Following O'Neil's methodology for market direction, MarketSmith India has upgraded the market status to a 'Confirmed Uptrend' from a 'Rally Attempt' after witnessing a follow-through day. On 18 March, the Nifty advanced approximately 1.5% on higher volume compared to the 17 March session, signalling renewed market strength. Similarly, the Sensex rose around 1.53% on higher volume than in the 17 March session.
Read on livemint.comThe same topic in other media
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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markets
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