Indian equity benchmarks ended mixed on Wednesday flat as early gains faded amid weakness in IT, metals, and heavyweight stocks. The Sensex managed a modest rise of 64 points to close at 73,983, while the Nifty slipped 27 points to settle at 23,215 after breaching the 23,250 mark intraday.
Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
CHAMBLFERT (Cmp ₹477.65)
- Why it’s recommended: Chambal Fertilisers and Chemicals Limited is a leading private-sector agrochemical enterprise in India, it is one of the largest manufacturers of Urea in the private sector and distributes a wide range of agri-inputs nationwide. The stock after a sharp decline since September 2025 has formed largely volatile consolidation. The last session saw a volume lead rise with a long body candle that is now helping to signal some upward revival in Relative Strength Index (RSI) from the neutral zones , we can look initiating long.
- Key metrics:
- P/E: 9.81,
- 52-week high: ₹580.55,
- Volume: 4.97M
- Technical analysis: Support at ₹501, resistance at ₹400.
- Risk factors: Heavy reliance on urea production, vulnerability to volatile natural gas prices, and exposure to geopolitical disruptions in the Gulf region.
- Buy : above ₹480.
- Stop loss: ₹440.
- Target price: ₹377 (2 Months)
RAYMOND (Cmp ₹552.90)
- Why it’s recommended: Raymond Ltd. is one of India's leading diversified conglomerates, globally renowned for its worsted suiting fabrics and premium apparel. The trends are showing a long body candle formation after some consolidation augurs well for the prices. The rising Relative Strength Index indicates an attempt to rebound. The strong push above the recent ranges has resulted in a strong breakout. With prices moving out of the shadows with the recent Q4 numbers we can now look at some potential upward drift.
- Key metrics:
- 52-week high: ₹782,
- Volume: 1.36M.
- Technical analysis: Support at ₹500, resistance at ₹650.
- Risk factors: Cyclical consumer demand in discretionary apparel, raw material price volatility (particularly imported wool and cotton), and capital allocation challenges in its growing real estate vertical.
- Buy: above ₹555
- Stop loss: ₹530
- Target price: ₹605 (2 Months)
Stock Market Recap
On 10 June, Indian equity benchmarks ended flat. The Sensex rose 64 points to close at 73,983, while the Nifty slipped 27 points to settle at 23,215 after breaching the 23,250 mark intraday. Persistent selling in IT dragged the Nifty lower, with Infosys among the key drags, though Tata Consultancy Services provided some support.
Heavyweights like Reliance Industries, Bharti Airtel, and Hindalco added pressure, while broader markets underperformed sharply, with the Midcap index tumbling 905 points to 59,810 and the advance-decline ratio skewed at 1:3.
Stock-specific declines weighed further, as Oil India plunged over 10% following a downgrade by Morgan Stanley, while Kalyan Jewellers and PC Jeweller fell on weaker gold prices. Sectorally, FMCG outperformed, led by Nestle India’s 2% rise. From the Sensex basket, Nestle, HUL, Axis Bank, Kotak Mahindra Bank, ICICI Bank, and ITC were notable gainers, while Hindalco, Coal India, ONGC, Eternal, Tata Steel, and Tata Motors were major laggards.
Outlook for Trading
The temperament in the current market is seen dissipating as the overall trends are not able to generate a steady upward bias. In the last few days we have noted that the trends have been supressed and is showing constant inability to move higher.
The formation of lower lows has taken away lot of market participants away. However , as we shift to the technical setup, we note that the trends are staying confused due to the support offered by the lower levels. However, we should note that the trends are indicating some hesitation as the formation of smaller body candles are clearly emphasising the emergence of a trend that could appear at any time.
The momentum that is expected is seen missing at the moment thus causing us to reconsider the overall market scenario. However, we should note that the trends are not going to emerge until there is some clear evidence of the geopolitical newsflow relating to the war nearing its end. At the current juncture we need to relook at how to position ourselves in this market as the trends are not going to be easy to decipher and will force us to be very selective in our approach.
We can observe that the current scenario is making an attempt to move out of a ranging action and a possible short covering action may emerge today. Now, we can observe that Nifty would look at 23750 which has now turned into next set of resistances for the recovery we can look at how to use every pullback to buy into.
At the moment, the bearishness continues to drag the index lower at every attempt at recovery. Like we have been mentioning we see Nifty move below 23200 decisively the Open Interest data retains that 23300 as the Max Pain Point that will come into play. With a ranging market in play, it's best to tone down the participation.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.