Market Trading Guide: JK Cement among 2 stock recommendations for Wednesday

Equity markets experienced a volatile but range bound trading session today as traders remained cautious amid continued geopolitical tensions in the Middle East and higher crude oil prices. Benchmark indices traded bearish for most of the day despite gains in select sectors on the back of good earnings performance due to losses by large financial sector stocks.

Despite reports of possible talks to ease tensions between the US and Iran that offered some relief in crude prices, sentiment was weak. For the coming days, analysts say the market trend will depend on earnings season, movement in crude oil prices, FIIs and geopolitics.

Here are 2 stock recommendations for Friday

JK Cement – Buy | Purchase Zone: Rs 5,658 | Stop-Loss: Rs. 5,420 | Target: Rs. 5,850-6,000

JK Cement has a crucial Rs. A strong breakout above the 5,600–5,620 resistance zone is supported by a sharp increase in volume, indicating fresh buying interest. The stock is trading above its 20, 50, 100 and 200-day EMAs, while the RSI has crossed above 60, indicating strength momentum. Investors can invest at the current market price or Rs. 5,580-5,600 on a reduction of Rs. Can consider buying with a stop-loss of 5,420.

Virat Jagad, Senior Technical Research Analyst, at Bonanza Portfolio

Chennai Petroleum – Buy | Purchase Area: Rs 1,258 | Stop-Loss: Rs. 1,180 | Target: Rs. 1,320-1350

Chennai Petroleum with strong volume at Rs. 1,200 gave a decisive breakout above the resistance zone, which reaffirmed the existing uptrend. The stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, reflecting strong bullish momentum, while the RSI has moved above 60, signaling strengthening buying interest without entering overbought territory.

Virat Jagad, Senior Technical Research Analyst, at Bonanza Portfolio

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)