MarketSmith India recommends Apollo Micro and Lemon Tree stocks

MarketSmith India has released its top stock picks for today, March 24. They recommend Apollo Micro Systems Ltd, which is currently priced at 125.18. The suggested buying range is between 123 and 126, with a profit goal of 155 and a stop loss set at 112. The timeframe for this investment is 2 to 3 months. Another recommendation is Lemon Tree Hotels Ltd, currently priced at 139.14. The buying range is suggested at 138 to 140, aiming for a profit target of 165, with a stop loss of 128. This investment also has a 2 to 3-month timeframe. On March 21, India’s benchmark Nifty 50 index experienced its fifth consecutive gain, closing at 23,350. It started the session at 23,158 and managed to maintain its upward momentum. Most sectors ended positively, but Consumer Durables and Metals saw slight losses. The market breadth was strong, with three stocks advancing for every one that declined. The Nifty 50 closed above its 50-day moving average and broke a downward trendline from late 2024. This positive movement is supported by a rising 14-day Relative Strength Index (RSI) at 66. Although the Moving Average Convergence Divergence (MACD) shows a positive crossover, it still suggests caution. MarketSmith India upgraded the market status to "Confirmed Uptrend." This came after a notable increase on March 18, where the index gained 1.5% on above-average volume. Traders are advised to buy on dips and manage risks actively. Regarding the Nifty Bank index on March 21, it regained strength after a weak opening. The index closed at 50,593.55, showing strong buying interest. The RSI for the Nifty Bank rose to 68, indicating further momentum. Overall, while the trends appear bullish, traders should remain mindful of potential market volatility, especially with key support levels in focus.