Aniket PujariThree PSU stocks to buy today, recoomended by Raja Venkataraman
NTPC Ltd
A leader in power generation, NTPC offers consistent performance. It is also expanding into renewable energy, which makes it a resilient option.
On the chart, the stock price is stabilising around ₹310 after a sharp fall from the highs of September. Constant volatility in the market means trends remain challenged at higher levels. However, looking at the Relative Strength Index (RSI), the trends indicate on a larger timeframe that there is a revival in progress.
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This could be a good time to consider buying as larger timeframes indicate the important Fibonacci support region has been held since the start of the year. A rebound from here could help the stock scale an important value area around 370 in the next six months.
Oil and Natural Gas Corp (ONGC)
A key player in oil exploration and production, ONGC benefits from government backing and global energy demand.
After a stellar run, ONGC is facing trouble at higher levels amid a fall in crude prices over the past few months. The sharp drop since September 2024 has caused the stock to slide into a strong support region and the constant rebound from trendline support indicates a positive outlook.
The RSI is also attempting to hold back at the neutral zone, showing intention of a reversal. Hence, this could be a good time to go long as upward potential towards the ₹300 zone is seen over the next six months.
Bharat Electronics Ltd (BEL)
A leader in defence electronics, BEL is well-positioned to benefit from increased government spending in the defence sector.
Despite the trends facing challenges at higher levels, forcing the overall market to reconsider a long opportunity at this level, this stock has managed to hold back the bearish bias and reinforce its bullish momentum.
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The trends clearly indicate that the reaction into the 260 region from where it is currently rebounding is a strong Fibonacci support zone. Also, the RSI is steadily rising and this could fuel the upward momentum. A combination of positive newsflow and encouraging price action suggests more upside is possible in this counter, which could retest previous highs of 340 in the next six months.
MarketSmith India’s top stock recommendations for 18 March:
ICICI Securities Ltd: Current market price: ₹849 | Buy range: ₹825–855 | Profit goal: ₹990 | Stop loss: ₹790 | Timeframe: 1-2 months
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CarTrade Tech Ltd: Current market price: ₹ 1,598.25 | Buy range: ₹ 1,560–1,610 | Profit goal: 1,820 | Stop loss: ₹ 1,490 | Timeframe: 1–2 months
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
MarketSmith India: Trade name: William O’Neil India Pvt. Ltd. Its Sebi-registered research analyst registration number is INH000015543.
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Disclaimer: The views and recommendations given in this article are those of individual analysts and do not represent the views of Mint. We advise investors to check with certified experts before making any investment.
