March 10: Key Stocks to Watch Stock Market Trading Strategies
Key Stocks to Watch : The Indian stock market showed a mixed performance on March 7, with the benchmark indices closing flat after rangebound trading. However, market breadth remained in favor of the bulls, with 1,693 stocks witnessing buying interest compared to 957 stocks under pressure on the NSE. Analysts predict that the market is likely to continue its positive momentum with some consolidation. Here are key stock recommendations from top market analysts for March 10 trading.
Apollo Tyres (CMP: ₹411.7)
Apollo Tyres has witnessed a sharp rebound after forming a swing low near ₹371. The stock has broken out of a falling channel pattern, signaling the beginning of an uptrend. The breakout is accompanied by a significant increase in trading volume, reinforcing bullish momentum. Additionally, the Relative Strength Index (RSI) has crossed above its reference line, confirming a positive trend.
- Strategy: Buy
- Target: ₹450, ₹460
- Stop-Loss: ₹393
GRM Overseas (CMP: ₹249.34)
GRM Overseas has recently broken out above a Cup and Handle pattern at ₹246, accompanied by a strong bullish candle. It is currently trading above key moving averages, including 20, 50, 100, and 200 SMAs, indicating overall strength. Additionally, the breakout above the upper Bollinger Band suggests further upside potential.
- Strategy: Buy
- Target: ₹285, ₹300
- Stop-Loss: ₹232
Welspun Corp (CMP: ₹795.25)
Welspun Corp has witnessed a breakout from a Symmetrical Triangle pattern, which was forming since November 2024. The surge in volume confirms strong market participation. RSI has also crossed above its reference line, signaling bullish momentum.
- Strategy: Buy
- Target: ₹850, ₹880
- Stop-Loss: ₹763
ACC (CMP: ₹1,885.75)
ACC experienced a significant rally from the ₹1,800–1,850 zone in late 2023, reaching ₹2,700 before entering a corrective phase. The stock has now returned to a strong support level, forming a bullish reversal candlestick pattern on the weekly chart. Technical indicators suggest a strong upward move is likely.
- Strategy: Buy
- Target: ₹2,050
- Stop-Loss: ₹1,790
Force Motors (CMP: ₹7,660)
Force Motors has broken out of a key retracement level after consolidating for weeks. The stock has now confirmed a bullish range breakout, supported by strong volume, suggesting an uptrend resumption.
- Strategy: Buy
- Target: ₹8,800
- Stop-Loss: ₹7,050
Avanti Feeds (CMP: ₹798.7)
Avanti Feeds has achieved a significant long-term breakout, closing above ₹775 after a seven-year consolidation phase. The stock is demonstrating impressive relative strength and trading near its 52-week high. Volume analysis also supports a bullish outlook.
- Strategy: Buy
- Target: ₹904
- Stop-Loss: ₹744
Can Fin Homes (CMP: ₹629.6)
Can Fin Homes has broken out above its immediate resistance level of ₹621 and successfully closed above it. With RSI indicating increasing momentum, the stock is expected to move higher.
- Strategy: Buy
- Target: ₹670
- Stop-Loss: ₹608
Reliance Industries (CMP: ₹1,249.8)
Reliance Industries has given a strong breakout above the ₹1,240 resistance level. With an uptick in RSI and increasing trading volume, the stock appears poised for further gains.
- Strategy: Buy
- Target: ₹1,285
- Stop-Loss: ₹1,225
Tube Investments of India (CMP: ₹2,701.8)
Tube Investments is trading well above its Volume Weighted Average Price (VWAP) of ₹2,625, indicating strong momentum. The RSI suggests further upside potential.
- Strategy: Buy
- Target: ₹2,900
- Stop-Loss: ₹2,600
Financial Ratios of Key Stocks
| Stock Name | CMP (₹) | Target (₹) | Stop-Loss (₹) | RSI Level | Pattern Breakout | Moving Averages |
|---|---|---|---|---|---|---|
| Apollo Tyres | 411.7 | 450, 460 | 393 | Bullish | Falling Channel | Above 20, 50, 100, 200 SMAs |
| GRM Overseas | 249.34 | 285, 300 | 232 | Strong | Cup & Handle | Above all key SMAs |
| Welspun Corp | 795.25 | 850, 880 | 763 | Rising | Symmetrical Triangle | Confirmed breakout |
| ACC | 1,885.75 | 2,050 | 1,790 | Oversold | Bullish Reversal | Strong support at 1,800 |
| Force Motors | 7,660 | 8,800 | 7,050 | Bullish | Range Breakout | Strong volume increase |
| Avanti Feeds | 798.7 | 904 | 744 | Strong | Long-term Breakout | Trading near 52-week high |
| Can Fin Homes | 629.6 | 670 | 608 | Rising | Resistance Breakout | Increasing RSI |
| Reliance Industries | 1,249.8 | 1,285 | 1,225 | Bullish | Trendline Breakout | Strong volume |
| Tube Investments | 2,701.8 | 2,900 | 2,600 | Steady | Above VWAP | High momentum |
Frequently Asked Questions (FAQs)
1. How should traders approach Apollo Tyres stock?
Apollo Tyres has given a breakout from a falling channel pattern, indicating an uptrend. Investors can consider buying with a target of ₹450–₹460 and a stop-loss of ₹393.
2. Why is GRM Overseas considered a strong buy?
GRM Overseas has broken out from a Cup and Handle pattern, indicating the start of a strong uptrend. It is trading above key moving averages, further confirming bullish strength.
3. What makes ACC an attractive buying opportunity?
ACC has retraced back to its previous rally’s origin, forming a bullish reversal pattern. With indicators signaling a strong rebound, it offers a good risk-reward ratio.
4. Should investors consider Force Motors at current levels?
Yes, Force Motors has confirmed a bullish range breakout with strong volume support, indicating further upside potential toward ₹8,800.
5. Is Can Fin Homes expected to rise further?
Yes, Can Fin Homes has broken out above ₹621 resistance, with RSI showing increasing momentum, making it an attractive buy.
This comprehensive analysis provides actionable insights for traders looking to capitalize on the stock market movements on March 10. Always ensure to maintain appropriate stop-loss levels to manage risk effectively.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.