Trade Spotlight: How to Trade Mazagon Dock, Waaree Energies, Glenmark Pharma, Quess Corp, HPCL, and More on March 24?
Trade Spotlight : The stock market continues its bullish run, with benchmark indices rising for the fifth consecutive session on March 21. The market breadth remained strong, as buying interest was seen in 1,943 shares against 693 declining ones on the NSE. Given the momentum, traders and investors are keen to identify stocks with strong potential for further gains.
Here’s a deep dive into key stocks to watch on March 24, along with expert recommendations.
Top Stocks to Trade on March 24
1. Waaree Energies (CMP: ₹2,352.9)
Waaree Energies has given a breakout from a symmetrical triangle at ₹2,220, accompanied by strong volumes, indicating a bullish trend. The stock is comfortably trading above its 20- and 50-day moving averages, suggesting continued upward momentum. The RSI is also in a bullish zone, reinforcing the positive outlook.
- Strategy: Buy
- Target: ₹2,485, ₹2,600
- Stop-Loss: ₹2,255
2. Force Motors (CMP: ₹8,460)
Force Motors has successfully broken out from a down-sloping channel and surpassed the strong resistance level of ₹8,000. The stock is now trading above its 20, 50, 100, and 200-day SMAs, indicating a trend reversal. The RSI and Bollinger Bands buy signals further confirm bullish strength.
- Strategy: Buy
- Target: ₹9,250, ₹9,550
- Stop-Loss: ₹8,000
3. Glenmark Pharma (CMP: ₹1,514.75)
Glenmark Pharma has staged a strong V-shaped recovery and confirmed a breakout above a weekly down-sloping trendline at ₹1,440, backed by high trading volumes. The stock’s momentum indicators and Bollinger Bands buy signals suggest a continuation of the uptrend.
- Strategy: Buy
- Target: ₹1,600, ₹1,720
- Stop-Loss: ₹1,440
4. Cholamandalam Financial Holdings (CMP: ₹1,692.30)
This stock has witnessed a bullish breakout, surpassing multiple highs with strong volumes. The RSI remains bullish, and the price action suggests a strong accumulation phase, signaling an uptrend.
- Strategy: Buy
- Target: ₹1,890
- Stop-Loss: ₹1,610
5. Mazagon Dock Shipbuilders (CMP: ₹2,591.4)
Mazagon Dock has broken out of a descending triangle pattern, which indicates a shift in momentum in favor of the bulls. The RSI is now above 60, confirming positive sentiment. The stock remains well above its moving averages, reinforcing the bullish trend.
- Strategy: Buy
- Target: ₹3,000
- Stop-Loss: ₹2,400
6. Quess Corp (CMP: ₹683)
A Cup and Handle breakout is in play for Quess Corp, confirming bullish momentum as it crosses the 200-day SMA. The RSI is also in the bullish territory, indicating further potential upside.
- Strategy: Buy
- Target: ₹735
- Stop-Loss: ₹659
7. Hindustan Petroleum Corporation (CMP: ₹356.95)
HPCL has broken out of an Inverted Head and Shoulders pattern, signaling a potential trend reversal. The stock is now holding well above key Fibonacci retracement levels and the 21-day EMA, pointing towards further upside.
- Strategy: Buy
- Target: ₹370, ₹380
- Stop-Loss: ₹343
8. Central Depository Services (CDSL) (CMP: ₹1,216.3)
CDSL has crossed above its previous swing high, reflecting growing investor confidence. The stock is trading above its 21-day EMA, and the RSI is in a bullish crossover, suggesting momentum is in favor of the bulls.
- Strategy: Buy
- Target: ₹1,280, ₹1,330
- Stop-Loss: ₹1,159
9. Canara Bank (CMP: ₹87.54)
Canara Bank has rebounded from solid support and broken its previous swing high, strengthening the bullish sentiment. It remains above the 21-day EMA, with an RSI bullish crossover, suggesting further upward movement.
- Strategy: Buy
- Target: ₹93, ₹97
- Stop-Loss: ₹84
Financial Ratios of Key Stocks
Here’s a quick glance at some key financial ratios for the stocks mentioned:
| Stock Name | P/E Ratio | P/B Ratio | ROE (%) | Dividend Yield (%) |
|---|---|---|---|---|
| Waaree Energies | 45.2 | 8.3 | 17.5 | 0.5 |
| Force Motors | 28.7 | 4.1 | 14.2 | 1.2 |
| Glenmark Pharma | 19.5 | 3.2 | 12.8 | 1.8 |
| Cholamandalam Financial | 22.9 | 3.8 | 15.7 | 0.7 |
| Mazagon Dock | 18.3 | 4.6 | 20.1 | 2.5 |
| Quess Corp | 26.1 | 2.9 | 10.5 | 1.1 |
| HPCL | 12.4 | 1.5 | 18.2 | 4.6 |
| Central Depository Services | 35.8 | 6.7 | 22.3 | 1.3 |
| Canara Bank | 9.6 | 1.2 | 13.4 | 3.9 |
Frequently Asked Questions (FAQs)
1. What is the best stock to buy for short-term trading on March 24?
Based on technical analysis, Mazagon Dock, Quess Corp, and Force Motors show strong breakout patterns and could be great short-term picks.
2. Why is HPCL considered a buy right now?
HPCL has broken out of an Inverted Head and Shoulders pattern, indicating a trend reversal and strong momentum supported by Fibonacci retracement levels.
3. What does a Cup and Handle breakout mean for Quess Corp?
A Cup and Handle pattern signals bullish continuation, meaning that after a small dip, the stock is expected to surge further.
4. Which stock has the highest return potential?
Mazagon Dock and Force Motors have higher target prices, indicating potential double-digit percentage returns in the near term.
5. What does the RSI crossing 60 mean for Mazagon Dock?
RSI moving above 60 confirms bullish momentum, suggesting that buyers are in control and the stock may continue its upward movement.
Final Thoughts
The market’s bullish sentiment continues, and several stocks are exhibiting strong technical breakouts. Traders should follow disciplined strategies with strict stop-losses and take advantage of the market momentum.
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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.