The Indian equity markets witnessed a relief rally of around 1.8 percent on March 24, with the Sensex zooming 1,372.06 points or 1.89% to 74,068.45 and the Nifty 50 soaring 399.75 points or 1.78% to 22,912.40. The rally was driven by improved global sentiment after US President Donald Trump announced a temporary pause in strikes on Iran, raising hopes of de-escalation in the Middle East. According to reports from Moneycontrol, the market is expected to undergo consolidation with range-bound trading over the next couple of sessions, though broader market outperformed with the BSE 150 MidCap Index jumping 2.48% and the BSE 250 SmallCap Index gaining 2.24%. The market breadth remained strong with 2,968 shares rising and 1,295 shares falling on the BSE, while the NSE's India VIX tumbled 7.44% to 24.74.
Jubilant Pharmova is positioned as a strong outperformer in the pharma sector, gaining 12 percent over the past three weeks while the sector has declined nearly 6 percent from its recent high. As reported by Moneycontrol, the stock has been consolidating in the ₹786–862 range over the past three weeks, indicating accumulation. The stock surged over 5 percent in the previous session and closed near the upper end of the range, signaling bullish strength. Technical indicators show the stock has closed above the middle Bollinger Band with the KST indicator moving above the signal line, suggesting improving momentum.
Linde India posted a strong gain of over 9 percent in the previous session, supported by a sharp rise in volumes—the first significant spike since February 13. According to Moneycontrol, the stock has broken above the upper Bollinger Band with the RSI hovering around 62, indicating room for further upside. Emcure Pharma has displayed strong relative outperformance by holding steady in a weak market environment, with the 100 EMA acting as a strong cushion. The stock recently took support near the ₹1,443 zone and witnessed a sharp bounce, gaining over 4.5 percent while closing above previous sessions' high.
Several stocks emerged as key performers in the latest session, with AWL Agri Business closing at ₹180.14, up ₹4.78 or 2.73% following its expansion into value-added foods with Fortune Atta with Multigrains. Jindal Stainless gained 3.13% to ₹717.45 after commissioning a 1.2 million tonnes per annum stainless steel melt shop in Indonesia, bringing total melting capacity to 4.2 MTPA. Godawari Power and Ispat rose 4.59% to ₹263.40 after receiving approval to set up an Integrated Steel Plant with 1.00 million tons per annum capacity at a cost of ₹7,000 crore in Chhattisgarh.
Granules India has exhibited a symmetrical triangle pattern with a breakout observed with rising volumes, showing price structure of higher highs and higher lows indicating an uptrend. As reported by Moneycontrol, the stock is consistently trading above all major exponential moving averages with all EMAs sloping upwards. Ather Energy broke out of a consolidation phase and has been sustaining above it since then, consistently trading above all major EMAs with all EMAs sloping upwards, confirming a strong uptrend.
DLF is recommended for selling due to its clear downtrend formation, with the stock consistently trading below all major EMAs which are sloping downward. According to Moneycontrol, the stock has been forming lower highs and lower lows with previous support levels turning into strong resistance zones. The 14-period RSI has recovered to around 41 from oversold levels, providing room for sellers to initiate fresh short positions. Fresh selling can be initiated at current spot levels or on a bounce towards ₹526.
