Equity markets experienced volatile but range-bound trading on Wednesday, with benchmark indices maintaining a bearish tilt despite gains in select sectors. According to reports from The Economic Times, the market's performance was influenced by continued geopolitical tensions in the Middle East and elevated crude oil prices. The trading session reflected prevailing caution among investors amid these global uncertainties.
Analysts from Bonanza Portfolio have identified JK Cement and Chennai Petroleum as strong technical breakout candidates for Wednesday trading. As reported by The Economic Times, both stocks have delivered decisive breakouts above key resistance zones with strong volume support, indicating fresh buying interest and bullish momentum.
JK Cement has staged a strong breakout above the crucial ₹5,600–5,620 resistance zone, supported by sharp volume increases indicating fresh buying interest. According to Virat Jagad, Sr Technical Research Analyst at Bonanza Portfolio, the stock is trading above its 20, 50, 100 and 200-day EMAs, while RSI has moved above 60, reflecting strengthening momentum. The recommended buying zone is ₹5,658 with a stop-loss at ₹5,420 and target range of ₹5,850-6,000.
Chennai Petroleum has delivered a decisive breakout above the ₹1,200 resistance zone with strong volume support, reaffirming the prevailing uptrend. As reported by The Economic Times, the stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, reflecting robust bullish momentum. The recommended buying zone is ₹1,258 with a stop-loss at ₹1,180 and target range of ₹1,320-1,350.
For the coming trading sessions, analysts expect market trends to depend on several key factors including the ongoing earnings season, crude oil price movements, foreign institutional investor flows, and geopolitical developments. According to The Economic Times, while there were reports of possible negotiations for easing US-Iran tensions offering some reprieve to crude prices, overall sentiment remained weak due to these ongoing uncertainties.
