Markets ended lower on Tuesday after Monday's sharp rally, with benchmark indices settling at 24,614.90, down nearly 0.64%. According to reports from The Economic Times, the Nifty traded with a negative bias for most of the session after a subdued start. Despite buying in select counters helping trim intraday losses during the final hour of trade, the index eventually settled lower amid weakness in heavyweight stocks and caution surrounding the new closing auction mechanism.
Despite the market decline, analysts from Jainam have recommended two stocks for Wednesday trading. Deepak Fertilisers is recommended as a buy with a buying zone of ₹1,625, stop-loss at ₹1,540, and target of ₹1,760-1820. The stock continues to exhibit strong bullish structure, trading above its 20, 50 and 200-day moving averages. Paytm is also recommended as a buy with a buying zone of ₹1,425, stop-loss at ₹1,345, and target of ₹1,550-1620. As reported by The Economic Times, Paytm has staged a strong breakout from a prolonged consolidation phase and continues to maintain a positive price structure.
According to Himanshu Gupta, Head of Research - Retail Broking at Jainam, Deepak Fertilisers continues to exhibit strong bullish structure, trading comfortably above its 20, 50 and 200-day moving averages, reaffirming the strength of the prevailing uptrend. The stock has recently witnessed healthy consolidation after a sharp rally and is now showing signs of renewed buying interest near support levels. Paytm has staged a strong breakout from a prolonged consolidation phase and continues to maintain a positive price structure, trading above all key moving averages, while the recent breakout has been accompanied by improving volumes, indicating strong participation from institutional investors.
