Bajaj Broking Research Identifies NCC and HFCL as Top Buys Amid Market Turbulence
In a volatile market environment, Bajaj Broking Research has issued a recommendation to investors, highlighting NCC and HFCL as the top stocks to buy on March 13, 2026. This advice comes as Indian benchmark indices face significant headwinds from global geopolitical tensions and macroeconomic challenges.
Nifty Index Faces Pressure from Geopolitical Unrest and Rising Oil Prices
The Nifty index has extended its losses this week, largely mirroring weak global market cues. Escalating geopolitical tensions, particularly surrounding the US-Israel conflict with Iran, have created uncertainty that is weighing on investor sentiment. The situation has been exacerbated by incidents such as Saudi Arabia intercepting a drone headed to the Shaybah oil field and Israeli strikes on Hezbollah targets in Beirut.
This geopolitical instability has pushed Brent crude oil prices sharply higher, with current levels hovering around $100 per barrel. For oil-importing economies like India, this poses a serious macroeconomic challenge. The rising crude prices have contributed to the Indian rupee slipping to a fresh low against the US dollar, raising concerns about higher import costs and inflationary pressures.
Elevated oil prices threaten to increase inflationary pressures, expand India's current account deficit, and put further pressure on the domestic currency. Additionally, higher input costs could compress corporate profit margins in sectors such as aviation, logistics, paints, and oil marketing companies, potentially negatively impacting overall equity market sentiment.
The Nifty index breached its August 2025 low of 24,337 earlier in the week and slipped further to mark a fresh 10-month low of 23,556 during Thursday's session. This indicates the continuation of the ongoing corrective phase. Market volatility is expected to remain elevated in the near term amid uncertain global cues, rising crude oil prices, and escalating geopolitical tensions.
Technically, Nifty is currently testing the 61.8% retracement of the previous major rally from 21,744 to 26,373. If the index holds above the support area of 23,500-23,400, consolidation in the range of 23,400-24,300 is expected in the coming sessions. On the upside, immediate resistance is placed around 24,000 and 24,300, which coincides with the recent breakdown zone. Only a sustained move above 24,300 could indicate a pause in the prevailing downtrend. However, a decisive break below the 23,400-23,500 support area may lead to additional selling pressure, potentially dragging the index towards the 23,000 level.
Bank Nifty Extends Decline Amid Broader Market Weakness
Bank Nifty extended its decline for the third consecutive week, slipping lower and testing the 55,000 level during Thursday's session. The continued weakness reflects sustained selling pressure in the banking space amid cautious investor sentiment and volatile broader market conditions.
Technically, the short-term bias remains negative as long as the index trades below the 56,500 mark. Failure to reclaim this level could lead to further downside in the coming sessions, with the index potentially drifting towards the 100-week EMA, which is placed around the 54,000 level.
Market volatility is also expected to remain elevated due to uncertain global cues, rising crude oil prices, and escalating geopolitical tensions, which may continue to weigh on the banking sector and the broader equity market.
Stock-Specific Recommendations: NCC and HFCL
Despite the broader market challenges, Bajaj Broking Research has identified specific opportunities in individual stocks.
NCC: Buy Recommendation
Buy Range: ₹147.00-150.00
Target: ₹165
Expected Return: 11%
Stop Loss: ₹139
Time Period: 3 Months
Buying demand is seen emerging from the lower band of the last 3 months' range, signaling accumulation at lower levels. The weekly 14-period RSI has moved above its nine-period average and is seen sustaining above this average, thus validating a positive bias. Analysts expect the stock to head higher towards ₹165 levels in the coming month, which represents the previous high of January 2026.
HFCL: Buy Recommendation
Buy Range: ₹72.50-74.50
Target: ₹82
Expected Return: 11%
Stop Loss: ₹69
Time Period: 3 Months
The stock has generated a breakout above the falling trendline joining highs of June and November 2025, signaling resumption of the up move and offering a fresh entry opportunity. The recent price move is supported by rising volume, signaling larger participation at lower levels. Analysts expect the stock to head towards ₹82 levels in the coming months, which represents the confluence of the key retracement of the previous up move and measuring implication of the range breakout.
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.
