ONGC and Bank Nifty Resilience Highlighted by JM Financial’s Rahul Sharma Amidst Market Volatility

Despite a recent pullback in the Nifty index, market analyst Rahul Sharma of JM Financial Services sees opportunities for investors, particularly in ONGC and within the banking sector. Sharma’s analysis, shared on March 19, 2026, suggests the market’s reaction to recent volatility has been relatively stable, with key indicators offering a degree of comfort.

Market Resilience and Technical Bounce

Following three consecutive sessions of gains, the Nifty experienced a sharp pullback. However, Sharma noted the market’s handling of the gap-down opening was encouraging, lacking the aggressive selling pressure often seen in such scenarios. He characterized the recent 800-point rebound as a “typical bear market rally,” or more accurately, a technical bounce rather than a fundamental shift in trend. A key observation was the India VIX, a measure of market volatility, not surging to new highs despite the downturn, indicating fear levels weren’t escalating significantly.

Bank Nifty Shows Strength

Despite concerns surrounding HDFC Bank, the Bank Nifty index demonstrated resilience. Sharma observed that Bank Nifty outperformed expectations, showing relative strength post-opening and hinting at a potential recovery for the broader Nifty index.

Strategic Buying Opportunity

Sharma believes the current market phase presents a tactical buying opportunity, especially for investors with a longer-term horizon. He recommends accumulating Nifty ETFs during volatile periods, advising clients to do so. He suggests that much of the negative news flow is already factored into market prices, unless there is a fresh escalation of geopolitical uncertainties.

Key Technical Levels to Watch

From a technical perspective, Sharma identified 23,800 as an immediate retest zone for the Nifty. A close above 24,000 would signal a stronger recovery. He cautioned against initiating fresh short positions around 23,200, deeming the risk-reward unfavorable.

Stock-Specific Recommendations

• ONGC: Sharma expressed a strong bullish view on ONGC, citing rising oil prices and a favorable technical setup. He recommends buying the stock around current levels (approximately 269) with a positional target of Rs 300 over the next 15-20 trading sessions, and a stop-loss at 258.
• Tata Power: He also highlighted strength in the power sector, specifically Tata Power, which has held up well despite broader market weakness. He anticipates short-term upside of around 5% to 6% for the stock.

Analyst Background

Rahul Sharma is a seasoned market analyst with JM Financial Services, possessing over 19 years of experience in guiding traders and investors. His LinkedIn profile details his extensive experience in the financial sector.