Bullish sentiment prevails in the market following a sharp recovery in Nifty. Breakouts were observed in Hikal and Torrent Power, potentially yielding returns of up to 19%.
Stock To Buy Today: Nifty opened 115 points lower on Tuesday (March 11th), reaching a low of 22,314 within the first five minutes. However, a significant recovery followed. By the end of the session, Nifty had gained over 200 points.
This surge suggests Nifty may be forming a higher bottom in the short term. If Nifty sustains above 22,700, it would signal a bullish trend reversal and could potentially target 23,000. Currently, the key support for Nifty is at 22,300, offering potential market stability at this level.
Stocks to Buy Today (March 12th, 2025)
1. Hikal Ltd (CMP: ₹392 | Target: ₹450 | Stop-loss: ₹365)
Reasons to Buy:
- Hikal's stock has broken out of a bullish ‘Inverted Head and Shoulders’ pattern on the daily chart, indicating further upside potential.
- The share price is consistently forming higher tops and higher bottoms, signifying a b uptrend.
- Indicators and oscillators on both daily and weekly charts have turned bullish, suggesting further strengthening in the coming days.
2. Torrent Power Ltd (CMP: ₹1333 | Target: ₹1579 | Stop-loss: ₹1260)
Reasons to Buy:
- Torrent Power's share has broken out of an ‘Inverted Head and Shoulders’ pattern on the daily chart, signaling b bullish momentum.
- The share price has crossed the crucial resistance of the 20 and 50-day Exponential Moving Averages (EMAs).
- Volume has surged alongside price increases, providing further support to this rally.
- A new higher top has formed after a higher bottom on the daily chart, indicating continued strength.
