Top stocks to buy (AI image) Stock market recommendations: According to Bajaj Broking Research, Adani Ports and Axis Bank are the top stock picks for today. Here’s its view on Nifty, Bank Nifty and the top stock picks for March 7, 2025:Index view: NIFTYNifty in the last three sessions witnessed a pullback of around 500 points after the sharp decline of 16% in the preceding 5 months as value buying emerged around the key support range of 21,700-22,000. This pullback can be attributed to several factors, including the strength in Asian and European markets, bargain buying in oversold stocks and value buying in blue-chip stocks. The index had been extremely oversold, having declined for 10 consecutive sessions, making the pullback overdue from the deeply oversold zone.Nifty holding above the support area of 21,700-22,000 is expected to extend the pullback towards 22,800 in coming weeks. Key resistance on the higher side is placed at 22,800-23,000 being the confluence of 20 days EMA and recent breakdown area.Nifty has strong support at 22,000-21,700 levels being the confluence of the The long term 100 weeks EMA which has historically acted as key support during major correction is placed around 22,000 levelsA rising demand line support joining the lows of Jun’22 (15,183) and Mar’23 (16,828) placed at 21,900 levelsThe confluence of previous major low of Mar & Apr 2024 and key retracement level of previous rally is placed around 21,800.Factors that support the pullback in the Indian markets in the coming week:Oscillators at extreme oversold territory: Nifty is currently placed at an extreme oversold territory with weekly RSI and weekly & monthly stochastic near historical lows of the last 4 years after recent sharp declineUS Dollar Index: The US Dollar Index has slipped below 105-106 levels and is forming lower high-low in weekly chart thus support emerging markets. Brent Crude: The sustained price below $72-75 mark is positive for India’s economic outlook.The US 10-year Treasury yield has dropped to its December low, currently standing at 4.25%. This decrease in yield will have a positive impact on Emerging market like India.NIFTY BANKBank Nifty has relatively outperformed the Nifty in the recent weeks and has been consolidating in the last 8 weeks in the broad range of 47,800-50,500. We expect the index to extend the consolidation in the coming weeks. Only a breakout or breakdown in any direction will signal the next directional move in the index.A breach below the lower band of the range will lead to extended decline towards 47,000 levels in the coming sessions. While holding above the support area of will lead to pullback towards the 49,000 levels in the coming sessions. Stock Recommendations:Adani PortsBuy in the range of Rs 1110-1140TargetStoplossReturnTime PeriodRs 1230Rs 10689%1 MonthThe stock has generated a breakout above the falling channel of the last 6 months signaling reversal of the corrective trend and offers fresh entry opportunity. Buying demand has recently emerged after base at the 200 weeks EMA. The weekly 14 periods RSI has generated a buy signal with a positive divergence. We expect the stock to head higher towards 1230 levels in the coming month being the 38.2% retracement of the entire decline (1605-996)Axis BankBuy in the range of Rs 1010-1040TargetStoplossReturnTime PeriodRs 1114Rs 9689%1 MonthThe stock has generated a breakout above last 5 weeks consolidation range (1027-978) signaling resumption of up move thus offers fresh entry opportunity.The daily RSI is in uptrend and has also generated a trendline breakout. We expect the stock to head higher towards 1114 levels being the previous breakdown area and 50% retracement of the entire decline (1339-933).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.
Top stocks to buy today: Stock recommendations for March 7, 2025
