Stock market recommendations: Bajaj Broking Research has recommended Belrise Industries, and Jayaswal Neco Industries as the top stock picks for March 20, 2026. The brokerage also shares its views on Nifty and Bank Nifty:Index View: NiftyIndian benchmark indices remained highly volatile this week as investor sentiment stayed cautious amid global macro and geopolitical concerns. The U.S. Federal Reserve’s continued hawkish stance has raised fears of prolonged higher interest rates, which could slow global growth and reduce liquidity flows into emerging markets like India. At the same time, escalating tensions in the Middle East have significantly disrupted energy markets, pushing crude oil prices sharply higher. Elevated oil prices tend to worsen inflation outlooks and widen India’s current account deficit, thereby weighing on equity market sentiment.Currently, global benchmark Brent crude is trading above $115 per barrel, having surged sharply due to supply disruptions and geopolitical risks in key oil-producing regions. The spike in oil prices has intensified concerns about imported inflation and input cost pressures for sectors such as oil marketing companies, aviation, and logistics. Additionally, sustained high crude prices could limit the Reserve Bank of India’s ability to ease monetary policy, further dampening market optimism. As a result, even during short-term pullbacks, the broader market tone remains cautious, with investors closely tracking both global central bank signals and developments in crude oil prices.The Nifty 50 started the week on a positive note, witnessing a strong pullback during the first three sessions and reaching a high of 23,862 in Wednesday’s session. However, this momentum was not sustained, as sharp selling pressure at higher levels on Thursday erased all the earlier gains.Technically, the index continues to show a bearish bias in both the short and medium term, as it is forming a pattern of lower highs and lower lows. Immediate support is placed around the current week’s low of 23,000–22,950. A sustained move below this zone could lead to further downside, with the index potentially declining toward the 22,700–22,400 range. This area aligns with a previous gap zone and the 78.6% Fibonacci retracement of the prior major uptrend.On the upside, the current week’s high of 23,862 is expected to act as immediate resistance. As long as the index remains below 24,300, the short-term outlook is likely to stay negative, and any upward movement may attract selling pressure.Bank NiftyBank Nifty extended its decline for the fourth consecutive week, slipping lower and dragging below the low of September 2025. A follow through weakness will open further downside towards 52500 and 51800 levels in the coming sessions being the 61.8% Fibonacci retracement of the rally from the January 2025 lows and aligns with the low of the breakout candle formed in April 2025.On the higher side 55,000-55,600 levels being the crucial resistance sustaining below the same will keep the bias down.
Stock Recommendations:
Belrise IndustriesBuy in the range of Rs 176.00-180.00
The share price of Belrise Industries is seen rebounding from the key support area of 170-175 thus offering fresh entry opportunity with favorable risk reward set up. Buying demand is seen emerging from the support area being the confluence of the 100 days EMA (which has historically acted as strong support from the stock) and the rising trendline joining lows of July 2025 and January 2026.The daily stochastic is seen rebounding from the oversold territory and has generated a buy signal moving above its three periods average thus validating positive bias in the stock.The stock is expected to move towards the target level of 204, which represents the 123.6% external retracement of the recent breather from 200 to 174Jayaswal Neco IndustriesBuy in the range of Rs 69-71
The stock is seen forming a base at the 34 week EMA and the previous major low of February 2026.We expect the stock to resume up move as forming base around the major support area and the corrective decline is approaching maturity.We expect stock to head towards 81 levels in the coming months being the confluence of the previous major high and the 50% retracement of the entire decline 94.00-68.50(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)