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Trends remained in distress, as higher levels were used to supply continuously. With markets not behaving as expected, the trends ahead will remain challenging.

Best stocks to buy today (All buy trades are rates of equity and sell rates are based on F&O)

Jindal SAW Ltd: Buy above ₹199 | Stop ₹187 | Target ₹223 (multiday)

State Bank of India: Buy above ₹1,070 | Stop ₹1,020 | Target ₹1,165 (multiday)

Astral Ltd: Buy above 1,625 | Stop ₹1,510 | Target ₹1,785 (multiday)

On 16 March 2026, Indian equity markets staged a sharp rebound after three consecutive sessions of losses, with the Nifty 50 closing firmly above the 23,400 mark. The day began on a cautious note, with indices swinging between gains and losses amid heightened volatility. However, strong buying in the final hour of trade helped benchmarks recover intraday declines and finish in positive territory.

The Sensex surged 938.93 points, or 1.26%, to settle at 75,502.85, while the Nifty advanced 257.70 points, or 1.11%, to close at 23,408.80. Despite the rally in frontline indices, broader markets underperformed, with the Nifty Midcap slipping 0.3% and the Smallcap Index losing 0.5%. Among the top gainers were M&M, Grasim Industries, Trent, UltraTech Cement, and HDFC Bank, while Bharat Electronics, Wipro, Max Healthcare, Sun Pharma, and Coal India ended lower. Sectorally, auto, banking, FMCG, and metals posted modest gains, whereas media, oil and gas, pharma, realty, and capital goods declined.

Hesitation has been overcome, and the strong resolve to move higher has met with good demand. As the trends begin to hold over the last few days, the long body candle revival has once again assured that the trends are beginning to take shape, as a steady buying participation was witnessed through the day!

Trading has been daunting in the last few sessions and is now back to last Wednesday's high. The fall seen on Monday, ahead of the expiry, saw prices test gap levels formed in March 2025. With the bias and newsflow being a recovery, combined with short covering, the possibilities of a revival have emerged. In such a situation, we need to remain calm and hold out for any potential recovery. It would have been a wonder if one came out largely unscathed in the week.

The sharp rise seen on Monday's later trading session highlights the strong support from owner levels, and the rebound seen could look to extend after a strong decline seen last week. The supplies at higher levels will continue to test the confidence, but the recovery that is emerging swiftly from lower levels is signalling that the highs will continue to attract demand. With strong bullish possibilities emerging, we can now see that the weekly charts are beginning to show some aggressive potential to move higher. As positive cues continue to emerge, one should consider participating at every dip, as the market retains a positive bias.

With war news continuing to generate heat and rampant geopolitical newsflow driving volatility, we need to see how to navigate the current trends. While the market continues to offer umpteen opportunities, sector rotation will be at work; hence, we have selected candidates that are showing steady action on both sides until new signals to the contrary emerge.

For undertaking shorts, we need to see the Nifty move below 22,800, which is the immediate support as per the Open Interest data. The breach mentioned earlier did happen, indicating that the trends remain delicately poised.

The best approach is to continue to look at a 30-minute range breakout on Tuesday, as we can consider trading on either side, as the trends still remain tentative, where we expect some resistance to kick in.

While the trends in the indices are still unclear, there is plenty of action as far as the stocks are concerned. We should now refrain from entering short positions in the Nifty and await some confirmation from the Nifty to move above 23500. One can maintain that, viewing any sustained move below that level as a clear sign that bullish conviction is gaining strength.

Why it’s recommended: Jindal SAW Ltd, established in 1984 as part of the O.P. Jindal Group, is a global leader in manufacturing and supplying iron and steel pipes (LSAW, HSAW, DI) and pellets. After beginning the year with some profit booking over the last few days, fresh buying has now emerged at lower levels. This sector is now witnessing fresh demand, as continued attention is being paid to all companies associated with the Pharma sector. In the current year the stock has seen a sharp upside and the steady support offered by the KS line has ensured that the momentum is retained, we can consider that the trends are poised to move higher. Go long.

P/E: 10.99,

52-week high: ₹286.40,

Volume: 25.19M

Technical analysis: Support at ₹175, resistance at ₹225.

Risk factors: High debt levels, commodity price volatility, and declining profitability, with recent reports indicating a negative financial trend.

Buy: Above ₹199.

Stop loss: ₹187.

Target price: ₹223. (two months)

Why it’s recommended: State Bank of India is India's largest public-sector multinational bank, offering comprehensive financial services across retail, corporate, and international banking. After the sharp decline due to profit-taking, the stock is showing resolve to move higher after dipping into the strong support zone of the cloud region. Now, we need to plan, as the last few weeks have been a matter of survival, but the negative news flow is showing signs of easing. With PSU banking counters entering the buy mode once again, we can look for a rebound from the current lower levels. Go long now.

P/E: 12.47,

52-week high: ₹1,234.70

Volume: 15.32M.

Technical analysis: Support at ₹1,150, resistance at ₹1,320.

Risk factors: High exposure to volatile sectors, regulatory changes, and economic sensitivity due to its high-beta nature.

Buy: Above ₹1,070

Stop loss: ₹1,020

Target price: ₹1,165 (two months)

Why it’s recommended: Astral Ltd, founded in 1996 and based in Ahmedabad, is a leading Indian manufacturer of building materials and a pioneer of CPVC piping in India. The company has diversified from pipes into adhesives, sealants, construction chemicals, paints, and bathware, operating multiple plants and a global distribution network. Despite a rally, higher levels have witnessed some steady selling pressure. At the current juncture, the prices have broken important supports once again. However, demand at lower levels is clearly inviting some buying opportunities, and further upside is very much possible. With the overall manufacturing sector showing promise across India, one should consider selling for a multiday play.

P/E Ratio: 77.25

52-week high: ₹1,768.70

Volume: 515.06K

Technical analysis: Support at ₹1,550, resistance at ₹1,800.

Risk factors: High vulnerability to raw material (PVC/CPVC resin) price volatility, foreign exchange fluctuations, and intense competition in the plastic pipes industry.

Buy: Above ₹1,625.

Stop loss: ₹1,550.

Target price: ₹1,785. (Two months)

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

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 guarantees 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.

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