Market View and Stock Picks by HDFC Securities March, 02 2026

Nifty has witnessed a huge gap down today on the back of emerging geopolitical issues. Rising crude and depreciating rupee against dollar weighed on the equity market sentiments. Nifty is now reached below all key moving averages, turning positional trend on the downside. Nifty has reached very near to the budget day (1st Feb 2026) low of 24576. Break below 24576 could drag the index further towards 100-week exponential moving average support placed at 24060 odd levels. On the higher side 25000-25200 could offer strong resistance in the index.  In the current market situation precious metal ETF could protect the portfolio and should have healthy allocation towards it. Apart from the precious metals oil exploration companies which could benefit from rising crude prices should have some allocation towards it in the portfolio.  

Stock Picks 

Buy HDFC Gold Exchange Traded Fund (HDFCGOLD) 142| Target Rs. 155 | Stop-loss Rs. 132 

ETF has been forming higher tops and higher bottoms on the weekly charts. ETF has been finding support on its 50 DEMA and maintaining its up trend. ETF is placed above all key moving averages, indicating uptrend on all time frames. Weekly RSI is sustaining above 50, indicating sustained uptrend for the underlying. Trend Line Breakout on Daily RSI has been witnessed. ETF has witnessed healthy consolidation after prolonged uptrend.  

Buy Oil India 480| Target Rs. 520 | Stop-loss Rs. 450 

Stock price is placed above all key moving averages, indicating up trend on all time frames. Stock has been showing high relative strength as compared to the benchmark index and the same is likely to continue. Indicators and oscillators have been showing strength on the weekly charts.