Domestic equities came under renewed pressure as escalating West Asia tensions drove crude oil prices sharply higher, reviving fears whether global energy supply further delays a recovery in India corporate earnings. The pain was compounded by the rupee breaching the 96-per-dollar mark, fanning concerns over imported inflation and squeezing input costs across industries. Looking ahead, all eyes are now on the US Fed Chair, whose upcoming remarks could set the tone for global rate expectations.
Here are 4 stock recommendations for Wednesday
Stop-loss: Rs 2,245
Target: Rs 2,515/2,650
Azad Engineering continues to exhibit a strong primary uptrend after decisively breaking out from a prolonged consolidation pattern that had capped prices for nearly a year. The breakout above the major descending trendline was accompanied by a sharp price expansion, indicating fresh institutional participation.
Himanshu Gupta, Head of Research - Retail Broking, Jainam
MosChip Technologies is displaying a classic trend reversal after completing a multi- month corrective phase. The stock has broken above its falling trendline and has subsequently crossed key Fibonacci retracement levels, indicating a gradual shift from distribution to accumulation. Unlike a vertical breakout, the current advance is being supported by a sequence of higher highs and higher lows, reflecting improving buying interest with controlled volatility.
Himanshu Gupta, Head of Research - Retail Broking, Jainam
Adani Power is showing signs of a bullish reversal after breaking above a short-term falling trendline, indicating that selling pressure is easing. The stock continues to trade above its 20, 50, 100 and 200- day EMAs, keeping the broader trend positive, while RSI has recovered above 53, suggesting improving momentum.
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)