Markets witnessed profit-taking on Tuesday after Monday's sharp rally, with benchmark indices ending lower amid weakness in heavyweight stocks and caution surrounding the new closing auction mechanism. After a subdued start, the Nifty traded with a negative bias for most of the session. Although buying in select counters helped trim intraday losses during the final hour of trade, the index eventually settled at 24,614.90, down nearly 0.64%.
Here are two stock recommendations for Wednesday
Deepak Fertilisers - Buy | Buying Zone: Rs 1,625 | Stop-loss: Rs 1,540 | Target: Rs 1,760-1820
Deepak Fertilisers continues to exhibit a 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 a healthy consolidation after a sharp rally and is now showing signs of renewed buying interest near support levels.
Himanshu Gupta, Head of Research - Retail Broking, Jainam
Paytm - Buy | Buying Zone: Rs 1,425 | Stop-loss: Rs 1,345 | Target: Rs 1,550-1620
Paytm has staged a strong breakout from a prolonged consolidation phase and continues to maintain a positive price structure. The stock is trading above all key moving averages, while the recent breakout has been accompanied by improving volumes, indicating strong participation from institutional investors.
Himanshu Gupta, Head of Research - Retail Broking, Jainam
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
