Chandan Taparia
Head – Derivatives & Techniques, Motil Oswal Financial Services
Where is Nifty headed?
The Nifty has been making up-downs on the weekly charts and has corrected over 2,000 points in the last four weeks from 26,341 to 24,305. Now as long as it is below the 24,700 zone, the immediate formation could remain weak to test the next mean support of the 24,000-23,850 zone, while on the upside, barriers are crossed at 24,700 and 24,850. Business strategies: The recommended strategy for the Nifty option for the next week, 17th March 2026, is Bear Put Spread. Traders are advised to buy one lot of 24,400 strike put option and simultaneously sell one lot of 24,000 strike put option. The maximum risk in the strategy is 115 points (Rs 7,475), and the maximum potential profit is 285 points (Rs 18,525) per lot if the index closes below 24,000 zones by the end of next week.
Institutions
Best stocks for the week: Bharat Electronics: Buy at CMP Rs 468, Stop Loss: Rs 455, Target: Rs 495
A new consolidation breakout was given with a decisive hold above the 455 zone on daily and weekly basis. Recently, it gave a range breakout on the weekly chart and is holding well above its rising support trend line. It saw an increase in trading and delivery volume with a breakout in the defense index.
Indian Oil: Buy on CMP at Rs 484, Stop Loss: Rs 472, Target: Rs 506
Oil India maintains its 50-DEMA on the daily scale with the support of an ascending trend line. Crude Oil’s daily scale has seen big gains with breakouts of higher highs and lower lows on multiple time frames, which suggests a bullish stance across the sector.
Ajit Mishra
SVP-Research, Religar Broking
Where is Nifty headed?
The index closed below the important 24,600 mark, indicating deterioration in the short-term market structure. The next important support is placed around the 24,050 zone, which is aligned with the 100-week wide moving average (WEMA). A break below this level could extend the decline to the 23,800 area. Conversely, the 24,800-25,200 zone is likely to act as a strong resistance band, and the index will need to reclaim this range to stabilize sentiment.
Business strategies: For Nifty, traders may consider a ‘high sell’ approach in the range of 24,700-24,800, with a stop loss at 25,000 and possible targets of 24,050-23,800. Among the themes, the Nifty Defensive Index is witnessing a fresh breakout after spending more than a year and a half in the consolidation phase. Participants can play this issue through ETF. It is currently trading at 93.76, and one can collect it in the 91-94 zone with a stop loss at 86 for a 110 position target.
Best stocks for the week:
sPharmaceutical Industry: Buy at CMP Rs 1,799.40, Stop Loss: Rs 1,710, Target: Rs 1,960
The trend is showing early signs of a reversal as it emerges from a long-term consolidation, supported by higher lows near the 200-week moving average and improving momentum indicators. A sustained move above the 1,800-1,820 resistance band could confirm a broader trend reversal.
India Unilever: Sell March Futures at CMP Rs 2,234, Stop Loss: Rs 2,300, Target: Rs 2,120
Showing a bearish formation as the stock traded below the key short-term moving averages and broke below the 20- and 50-week averages, breaching the immediate swing low around Rs 2,244.7.
Sumail Mehta
Head of Retail Research, Mirai Asseta Sher Khan
Where is Nifty headed?
Technically, 24,300-24,400 remains an important support zone, while 24,800-25,000 acts as a resistance zone. Overall, the trend is still negative in the medium term.
Business strategies: Traders may consider a ‘buoy on dips’ approach for the Nifty in the 24,300 – 24,400 range with a stop loss at 24,150 and a possible target of 24,800.
Best stocks for the week:
Indian Aeronautics: Buy at Rs 4,023, Stop Loss: Rs 3,840, Target: Rs 4,400
HAL has found support in a major trend and has also broken out of a minor consolidation on the daily chart. Momentum indicators have given a positive crossover, and the stock is expected to bounce back quickly.
Avenue Supermarket: Buy at Rs 3,875 Stop Loss: Rs 3,730 Target: Rs 4,100
The previous swing found support at the 61.8% retracement level and started making higher highs and lows. The momentum indicators are positive and may continue to rise.
