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

Equity markets today experienced a volatile but range bound trading session due to the prevailing caution among the traders in the midst of continued geopolitical tensions in the Middle East and the high crude oil prices. The benchmark indices traded with a bearish tilt for much of the day despite the gains made in selected sectors based on good earnings performance due to the losses incurred by the big financial sector stocks.

Despite reports of possible negotiations for easing of tensions between the US and Iran offering some reprieve to the crude prices, sentiment was weak. For the coming days, analysts say the trend of the market will depend on the earnings season, the movements in crude oil prices, FIIs and geopolitics.

Here are 2 stock recommendations for Friday

JK Cement – Buy | Buying Zone: Rs 5,658 | Stop-loss: Rs 5,420 | Target: Rs 5,850-6,000

JK Cement has staged a strong breakout above the crucial Rs 5,600–5,620 resistance zone, supported by a sharp rise in volumes, indicating fresh buying interest. The stock is trading above its 20, 50, 100 and 200-day EMAs, while RSI has moved above 60, reflecting strengthening momentum. Investors can consider buying at the current market price or on dips towards Rs 5,580–5,600, with a stop-loss at Rs 5,420.
Virat Jagad, Sr Technical Research Analyst, at Bonanza Portfolio
Chennai Petroleum – Buy | Buying Zone: Rs 1,258 | Stop-loss: Rs 1,180 | Target: Rs 1,320-1350

Chennai Petroleum has delivered a decisive breakout above the Rs 1,200 resistance zone with strong volumes, reaffirming the prevailing uptrend. The stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, reflecting robust bullish momentum, while RSI has moved above 60, indicating strengthening buying interest without entering overbought territory.

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)