Bajaj Broking Research Unveils Top Stock Picks for March 2026
In its latest market analysis, Bajaj Broking Research has identified Belrise Industries and Jayaswal Neco Industries as the top stock recommendations for March 20, 2026. The brokerage firm also provided detailed technical views on the Nifty and Bank Nifty indices, highlighting the current volatile market environment driven by global macroeconomic factors and geopolitical tensions.
Global Factors Influencing Indian Market Sentiment
Indian benchmark indices experienced significant volatility throughout the week as investor caution prevailed amid multiple global headwinds. The U.S. Federal Reserve's persistently hawkish monetary policy stance has raised concerns about prolonged higher interest rates, potentially slowing global economic growth and reducing liquidity flows into emerging markets like India.
Simultaneously, escalating tensions in the Middle East, particularly involving Israel, Iran, and the United States, have severely disrupted energy markets. This geopolitical unrest has pushed crude oil prices sharply higher, with global benchmark Brent crude trading above $115 per barrel due to supply disruptions and increased risk premiums in key oil-producing regions.
The surge in oil prices has intensified worries about imported inflation and input cost pressures for several Indian sectors, including:
- Oil marketing companies
- Aviation industry
- Logistics and transportation
Sustained high crude prices could potentially limit the Reserve Bank of India's ability to implement monetary policy easing measures, further dampening market optimism. Consequently, even during short-term pullbacks, the broader market tone remains cautious, with investors closely monitoring both global central bank signals and developments in crude oil markets.
Technical Analysis: Nifty 50 Index
The Nifty 50 began the week positively, witnessing a strong pullback during the first three trading sessions and reaching a weekly high of 23,862 during Wednesday's session. However, this upward momentum proved unsustainable as sharp selling pressure at higher levels on Thursday erased all earlier gains.
From a technical perspective, the index continues to exhibit a bearish bias in both short and medium terms, forming a pattern of lower highs and lower lows. Immediate support is positioned around the current week's low of 23,000-22,950. A sustained move below this critical zone could trigger further downside, potentially pushing the index toward the 22,700-22,400 range, which aligns with a previous gap zone and the 78.6% Fibonacci retracement level of the prior major uptrend.
On the resistance side, the current week's high of 23,862 is expected to serve as immediate resistance. As long as the index remains below the 24,300 level, the short-term outlook is likely to stay negative, with any upward movements potentially attracting renewed selling pressure.
Technical Analysis: Bank Nifty Index
Bank Nifty extended its decline for the fourth consecutive week, slipping below the September 2025 low. Continued weakness could open further downside toward the 52,500 and 51,800 levels in coming sessions, representing the 61.8% Fibonacci retracement of the rally from January 2025 lows and aligning with the low of the breakout candle formed in April 2025.
On the higher side, the 55,000-55,600 range represents crucial resistance. As long as the index sustains below this resistance zone, the overall bias is likely to remain downward.
Detailed Stock Recommendations
Belrise Industries
Buy Range: ₹176.00-180.00
Target Price: ₹204
Potential Return: 14%
Stop Loss: ₹167
Time Period: 1 Month
The share price of Belrise Industries appears to be rebounding from the key support area of ₹170-175, offering fresh entry opportunities with favorable risk-reward parameters. Buying demand is emerging from this support zone, which represents the confluence of the 100-day Exponential Moving Average (historically acting as strong support for the stock) and the rising trendline connecting lows from July 2025 and January 2026.
The daily stochastic indicator is rebounding from oversold territory and has generated a buy signal by moving above its three-period average, validating the positive bias in the stock. Technical analysis suggests the stock could move toward the target level of ₹204, representing the 123.6% external retracement of the recent correction from ₹200 to ₹174.
Jayaswal Neco Industries
Buy Range: ₹69-71
Target Price: ₹81
Potential Return: 15%
Stop Loss: ₹64
Time Period: 3 Months
The stock appears to be forming a base at the 34-week Exponential Moving Average and the previous major low from February 2026. Analysts expect the stock to resume its upward movement as it establishes a base around this major support area, with the corrective decline approaching maturity.
The stock is projected to head toward ₹81 levels in coming months, representing the confluence of the previous major high and the 50% retracement of the entire decline from ₹94.00 to ₹68.50.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India or Bharat Horizon.
