Trade Spotlight: How should you trade NTPC Green Energy, Tata Power, JB Chemicals, Sterlite Technologies, Ajanta Pharma, and others on March 16?

Top Trading Ideas by experts for March 16

• Experts suggest top 7 trading ideas for March 16 including NTPC Green Energy, Tata Power, JB Chemicals, Sterlite Technologies, Ajanta Pharma

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Equity benchmarks nosedived 2 percent on March 16, extending a sharp downtrend for the third consecutive session as the Strait of Hormuz crisis pushed oil prices higher. Market breadth remained weak, with about 2,551 shares declining against 420 advancing shares on the NSE. The market may continue to consolidate with a negative bias amid the West Asia tensions. Below are some short-term trading ideas to consider:

Osho Krishan, Chief Manager - Technical & Derivative Research at Angel One

NTPC Green Energy | CMP: Rs 98.15

NTPC Green Energy has shown a significant rebound from its lifetime low zone in recent sessions and has surged above all its significant EMAs on the daily chart. From a technical perspective, the counter has shown a strong resurgence from pivotal support, backed by robust volumes, which adds to the bullish quotient in the counter.

Furthermore, the MACD histogram also portrays a bullish reversal signal on the daily timeframe. Hence, we recommend buying NTPC Green Energy around Rs 95.

Strategy: Buy

Target: Rs 110, Rs 115

Stop-Loss: Rs 85

Tata Power Company | CMP: Rs 395

Tata Power has demonstrated strong buying traction in the last couple of weeks, which propelled the counter above all its significant EMAs with multiple positive crossovers. Additionally, the counter has surged above the 200 DSMA, which has been a persistent rejection zone for the counter, adding to a bullish undertone.

Even the technical parameters are strongly aligned with the price action, indicating a potential rally in the coming period. Hence, we recommend buying Tata Power at around Rs 390.

Strategy: Buy

Target: Rs 415, Rs 420

Stop-Loss: Rs 375

Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities

Federal Bank | CMP: Rs 263

Federal Bank is showing signs of a short-term trend reversal, as evidenced by a lower high–low formation on both hourly and daily charts, indicating that bearish sentiment is prevailing. The stock remains below its 20-, 50-, and 100-day Simple Moving Averages (SMAs), reinforcing the ongoing downtrend. The daily and weekly Relative Strength Index (RSI) is in bearish territory, suggesting increasing weakness.

Traders may want to consider this a potential exit opportunity or a short-term selling strategy, with projected downside levels of Rs 250–240, and resistance expected around the Rs 273–280 range.

Strategy: Sell

Target: Rs 250, Rs 240

Stop-Loss: Rs 273

JB Chemicals and Pharmaceuticals | CMP: 2,121.8

JB Chemicals has made a decisive move above multiple resistance levels at Rs 2,030, bolstered by high trading volume, which speaks to bullish market sentiment. The stock has received buy signals from both weekly and monthly Bollinger Bands, indicating rising momentum.

Furthermore, it is comfortably positioned above its 20-, 50-, 100-, and 200-day SMAs, all trending upwards, which supports a bullish outlook. The RSI across daily, weekly, and monthly timeframes remains positive, reflecting growing strength.

Strategy: Buy

Target: Rs 2,200, Rs 2,300

Stop-Loss: Rs 2,070

Sterlite Technologies | CMP: Rs 187

Sterlite Technologies is exhibiting a robust uptrend, characterized by a series of higher highs and higher lows, indicating a positive bias in the market. The stock has recently surpassed the significant resistance level of Rs 145 on a closing basis, reflecting strong bullish momentum.

Weekly and monthly Bollinger Band buy signals further highlight this increase in momentum. The stock is situated above its 20-, 50-, 100-, and 200-day SMAs, which are also trending upwards, supporting a bullish trend. Both the weekly and monthly RSI readings are positive, indicating rising strength.

Strategy: Buy

Target: Rs 200, Rs 230

Stop-Loss: Rs 175

Anshul Jain, Head of Research at Lakshmishree Investments

Ajanta Pharma | CMP: Rs 3,030.6

Ajanta Pharma is displaying strong technical leadership, with the weekly RSI firmly above 60, indicating sustained momentum rather than exhaustion. The stock recently confirmed a breakout from a 29-week cup-and-handle pattern near Rs 2,843, reinforcing a bullish continuation setup. Notably, the counter is showing clear relative strength in a weak broader market, a classic sign of institutional sponsorship.

Daily and weekly moving averages are rising and consistently acting as launchpads on every dip, highlighting strong demand absorption. Volume behaviour during advances supports the breakout’s credibility. As long as the stock sustains above the breakout zone, the structure favours further upside expansion. The next logical objective lies near the previous all-time high around Rs 3,415, which could be tested if momentum continues to build.

Strategy: Buy

Target: Rs 3,415

Stop-Loss: Rs 2,950

Lumax Auto Technologies | CMP: Rs 1,434

Lumax Auto Technologies has completed a textbook gap fill near the 1,400 zone and staged a sharp recovery with a large bullish candle and a pronounced lower wick, signaling that weak longs have been flushed out. The pullback occurred in a weak market environment, yet the stock absorbed supply and closed strongly, reflecting underlying demand.

On the weekly chart, the price has successfully tested rising moving averages, which continue to act as a launchpad. Friday’s move reinforced this support cluster and may act as a propeller for the next leg higher. Immediate resistance lies near Rs 1,575, followed by a gap supply zone around Rs 1,655. A sustained move beyond these hurdles would likely trigger momentum expansion, opening the path toward fresh highs above the Rs 1,800 zone in the coming sessions.

Strategy: Buy

Target: Rs 1,655

Stop-Loss: Rs 1,385