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Market Overview and Strategy
The market experienced a slight downturn on March 15, with the Nifty 50 index closing down at 22,023, shedding 123 points. Despite this, the index managed to hold above the crucial 21,900 level for the third consecutive session. Market experts suggest that as long as the Nifty 50 doesn’t break below this level, we might see the market move within a range, facing resistance around 22,200-22,300. If the index were to fall below 21,900 significantly, it might trigger more selling, potentially driving it down to the 21,500 mark. This volatility was also mirrored in the mixed results from the broader markets, with the Nifty Midcap 100 index falling slightly and the Smallcap 100 index gaining.
Spotlight Stocks
Amidst the broader market’s mixed performance, three stocks stood out – L&T Technology Services, UPL, and Solar Industries, each showing resilience and growth. L&T Technology Services continued its upward trend, rising 3% and showcasing a bullish pattern despite overall market volatility. UPL also saw a similar uplift, increasing by nearly 3%, and indicating a bullish sentiment with its move above the 10-day EMA. Solar Industries particularly shone by rallying 8.7% to a record closing high of Rs 8,855, all while maintaining a strong bullish pattern and trading well above key moving averages.
Expert Analysis and Recommendations
Rajesh Palviya of Axis Securities offers detailed insights for each of the spotlight stocks. For L&T Technology Services, the recommendation is to buy, hold, and accumulate with an anticipated upside to Rs 5,650-5,880, backed by a strong uptrend and significant buying support at lower levels. UPL, despite its downtrend, showed signs of a bounceback, suggesting a cautious approach where any rally towards Rs 525-550 could be seen as an opportunity to exit, with key support at Rs 460-425. Solar Industries, riding high on its strong uptrend and recent breakout, is advised to be bought, held, and accumulated with potential growth to Rs 9,513-10,120, supported by solid underlying strength and bullish market sentiment.
Disclaimer: These insights and recommendations are based on expert analysis but investors need to conduct their research or consult with our financial advisors before making investment decisions.
