Indian benchmark indices witnessed a highly volatile session on Tuesday and managed to close near the 23,500 mark. According to reports from The Economic Times, buying demand emerged from near the key support area of 23,200-23,000, which represents the confluence of the lower band of the 8th April bullish gap area, lower band of recent consolidation and the 61.8% retracement of the previous pullback (22,182-24,601). The market showed resilience with late buying in heavyweight IT stocks lifting sentiment, with the Sensex gaining 382 points to 74,650 and the Nifty closing above 23,480 at 23,483. Analysts say buying demand emerged on Tuesday session from near the key support area, indicating renewed buying interest from these critical levels.
Chennai Petroleum Corporation has been recommended as a buy with a current market price of ₹1,142 and a target price of ₹1,258. As reported by The Economic Times, the stock has generated a strong bullish breakout above the key resistance zone near 1,120–1,140, supported by a decisive bullish candle and improving volumes, indicating renewed buying interest. The stock is trading comfortably above all major moving averages, with the short-, medium-, and long-term EMAs positively aligned, reflecting a well-established uptrend. Virat Jagad, Sr Technical Research Analyst at Bonanza Portfolio, provided the technical analysis for the stock.
Parag Milk Foods has been recommended as a buy with a current market price of ₹241 and a target price of ₹270. According to The Economic Times, the stock has delivered a strong breakout above the crucial resistance zone around 236–240, supported by a sharp bullish candle and a noticeable rise in trading volumes, indicating fresh participation and renewed buying momentum. The stock has reclaimed its key moving averages and is now trading above the short- and medium-term EMAs, while the long-term trend is showing signs of improvement. Virat Jagad, Sr Technical Research Analyst at Bonanza Portfolio, provided the technical analysis for the stock.
Latest market data shows Parag Milk Foods among the top gainers with a 7.39% increase to ₹241.10, while Chennai Petroleum gained 4.08% to ₹1,141.60. The broader market showed mixed performance with the S&P BSE Sensex up 382 points to 74,650 and the Nifty 50 gaining 101 points to 23,483. Other notable gainers included Newgen Software (up 17.52%), Balaji Amines (up 15.93%), and Quick Heal Technologies (up 9.88%). The market's resilience near key support levels continues to support the technical outlook for both recommended stocks.
