Bajaj Broking Research Unveils Top Stock Picks for March 2026
In its latest market analysis dated March 6, 2026, Bajaj Broking Research has identified Bharti Airtel and Tata Power Company as prime investment opportunities. The brokerage firm projects that these stocks could achieve their target prices within approximately six months, providing a detailed outlook on both individual equities and broader market indices.
Market Overview: Geopolitical Tensions Weigh on Indices
Indian benchmark indices experienced a downward trend during the recent trading week, with the Nifty 50 testing the 24,300 level. This decline was primarily driven by escalating geopolitical conflicts between the United States and Iran, which have heightened global market uncertainties. The Middle East situation has triggered a sharp increase in Brent crude oil prices, surpassing $80 per barrel, posing significant macroeconomic challenges for India.
Higher crude oil prices represent a critical headwind for India's economy, given the nation's heavy reliance on energy imports. Sustained oil price hikes could exacerbate inflationary pressures, widen the current account deficit, and weaken the Indian rupee. Additionally, rising input costs may compress corporate profit margins, particularly in sectors such as aviation, logistics, paints, and oil marketing companies, thereby dampening overall equity market sentiment.
Domestic markets have also faced pressure from persistent selling by foreign institutional investors (FIIs), leading to reduced liquidity and increased volatility. The Indian rupee fell to a record low of 92.30 against the US dollar on Wednesday, influenced by surging oil prices and global risk aversion, though it recovered slightly to around 91.60 by Thursday.
Nifty and Bank Nifty Technical Analysis
Nifty Outlook: The index tested the August 2025 low of 24,337 and witnessed a pullback, closing above 24,700 in recent sessions. Volatility is expected to remain elevated due to uncertain global cues and ongoing geopolitical tensions. If the index holds above the Wednesday low of around 24,300, a pullback towards 25,100-25,200 is anticipated. Overall, consolidation is projected within the range of 24,300-25,200. A breakdown below 24,305 could lead to testing support at 24,200-24,000.
Bank Nifty Outlook: Bank Nifty traded with a downward bias last week, retracing 80% of its previous upward move from 57,783 to 61,764. The bias remains negative below the Tuesday gap-down area of 59,840-59,058. The index is likely to consolidate between 58,000 and 60,000, with a breakout or breakdown signaling the next directional move. A breakdown below 58,000, driven by geopolitical escalation, could open further downside towards 57,200.
Detailed Stock Recommendations
Bharti Airtel:
- Buy Range: ₹1,880 - ₹1,910
- Target Price: ₹2,057
- Expected Return: 8.50%
- Stop Loss: ₹1,810
- Time Period: 6 Months
Buying demand is emerging from the 50% retracement of the previous major rally (1,560-2,174) and the 52-week exponential moving average, offering a favorable risk-reward setup. The stock is expected to resume its upward trajectory towards 2,057, aligning with the 61.8% retracement of the entire decline and the high of February 2026. A recent buy signal from the daily stochastic oscillator, moving above its nine-period average, validates the positive bias.
Tata Power Company:
- Buy Range: ₹370 - ₹380
- Target Price: ₹413
- Expected Return: 11%
- Stop Loss: ₹352
- Time Period: 6 Months
The stock is on the verge of breaking above a falling supply line connecting the highs of September 2024 and October 2025, signaling a resumption of the upward move and providing a fresh entry opportunity. It is projected to head towards 413, corresponding to the high of October 2025 and the upper band of the last 12-month range. The daily 14-period Relative Strength Index (RSI) is in an uptrend and sustaining above its nine-period average, supporting the positive outlook.
Disclaimer: The recommendations and views expressed are those of the experts and do not represent the opinions of The Times of India. Investors are advised to conduct their own research before making any financial decisions.
