Three stocks recommended by Ankush Bajaj that are ready to surge

Here are three stocks that are ready to surge, as recommended by Ankush Bajaj for today:

NMDC Ltd: Buy at ₹70.20 | Target ₹76-78 | Stop loss ₹67

The stock has given a falling wedge pattern breakout with strong volumes (on daily chart). Additionally, the Relative Strength Index (RSI) is above the 60 level, suggesting that the momentum is likely to continue.

Oil and Natural Gas Corporation (ONGC) Ltd: Buy at ₹250.65 | Target ₹267- ₹270 | Stop loss ₹238

The moving average convergence divergence (MACD) line stands at 1.54, currently above the signal line, indicating a bullish crossover and suggesting potential upward momentum. The recent trading volume exceeds the 30-day average, reflecting heightened trading interest and supporting the ongoing trend momentum. The average directional index (ADX) at 39 shows bullishness in this stock.

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Punjab National Bank: Buy at ₹97.35 | Target ₹103- ₹105 | Stop loss ₹94

On the daily chart, the stock's RSI is trading above 60, and it is also trading above major exponential moving averages (EMAs). On the hourly chart, the stock has given a rectangle breakout around the 92 level. Expecting the price to reach ₹105 soon.

Market Update: Nifty and Nifty Bank analysis

The Indian stock market witnessed a bullish session on Wednesday, 2 April 2025, as the indices opened with a gap-up and managed to close in the green. Despite positive momentum, the market remained in a confusing zone, with 23,200 acting as a strong support for the Nifty. Investors navigated the session cautiously as global uncertainties and key economic cues kept traders on edge.

Benchmark indices: Green close amid volatility

The market managed to hold on to its gains, showing resilience despite intraday fluctuations:

BSE Sensex up 312.45 points (0.41%), closing at 77,129.89.

NSE Nifty 50 gained 112.85 points (0.48%), settling at 23,445.20.

Bank Nifty inched up 210.75 points (0.41%), ending at 51,678.80, holding above its key support zone.

Sectoral trends: Mixed performance in a volatile market

While the market saw a positive close, sectoral movements were divided, reflecting cautious optimism.

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Gainers:

Realty stocks surged 3.61%, continuing their recent strong momentum.

The consumption index advanced 1.55%, supported by demand resilience.

FMCG gained 1.13% as investors sought defensive bets amid market uncertainty.

No sector closed in red: The overall market breadth remained positive, with no major sector closing in the red, indicating broad-based buying interest.

Top gainers:

Tata Consumer rallied 7.10%, extending its bullish trend.

Zomato climbed 4.96%, continuing its upward momentum.

Titan added 3.73%, backed by a strong sales outlook.

Top losers:

Bharat Electronics declined 3.29%, leading the IT sector’s weakness.

Ultratech Cement slipped 1.12%, facing profit booking.

Nestlé India dipped 1.04% amid choppy trade in FMCG.

Indian stock market outlook

On the daily chart, the 20 EMA is trading above the 40 EMA, indicating that bullish momentum is likely to continue.

Also, today is the weekly expiry. Looking at the data:

The maximum open interest (OI) on the Put side is at 23,200, and the maximum OI on the Call side is at 23,500.

This suggests a support at 23,200 and a resistance at 23,500, reinforcing the bullish sentiment.

Also Read: Early summer spike heats up power sector stocks

Additionally, the RSI is above 55, further indicating that bullish momentum may continue.

Technical indicators: Nifty on hourly chart

On hourly chart, after the long consolidation from 23,300 to 23,200 market formed a bullish candle till 23,350, and we might touch 23,500 soon. Where EMA 100 on hourly chart at 23,200 again confirming the support zone.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

Investments in securities are subject to market risks. Read all the related documents carefully before investing.

Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.