Indian benchmark indices witnessed a highly volatile session on the weekly Nifty expiry on June 2 and managed to close near the 23,500 mark. Analysts say buying demand emerged on Tuesday session from near the key support area of 23,200-23,000 being 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).
Here are two stocks to buy on Wednesday
Chennai Petroleum - Buy | CMP: Rs 1142
Stop-loss: Rs 1080
Target: Rs 1258
Chennai Petroleum Corporation 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
Parag Milk - Buy | CMP: Rs 241
Stop-loss: Rs 224
Target: Rs 270
Parag Milk Foods 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
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
