Kolkata: The Indian stock market continued to trade under pressure on Wednesday, with both the Sensex and Nifty ending the session in the red. The Reserve Bank of India’s Monetary Policy Committee raised the repo rate by 25 basis points to 5.50%, while higher crude oil prices, continued selling by foreign investors and weakness in the rupee added to the market’s concerns.
Despite the broader market weakness, a few stocks are showing positive technical signals. Deepesh Saraogi, Technical Research Analyst at Choice Broking, has shared a technical view on Punjab National Bank (PNB), Paytm and Belrise Industries, with the current chart setup indicating the possibility of further gains.
PNB Share Price Outlook
Wednesday’s closing price: ₹114.50, up 2.31%
PNB has shown a strong recovery on the daily chart. The stock successfully held the ₹113–₹114 support zone before moving higher from its demand area.
Its 14-period RSI stands at 49.97, reflecting a recovery in momentum and renewed buying interest from recent lows. The stock has also moved back above its 20, 50, 100 and 200 EMAs, indicating that it has managed to absorb short-term selling pressure while maintaining a broader support structure.
The follow-through buying after a strong bullish candlestick has further strengthened the positive setup. Based on the current technical structure, the stock could move towards its previous swing high.
Analyst target: ₹125
Stop loss: ₹109
Paytm Share Price Outlook
Wednesday’s closing price: ₹1,732.90, up 2.30%
Paytm, operated by One 97 Communications, has shown signs of regaining its broader bullish trend following a recent correction.
The stock found buying support around the ₹1,640–₹1,660 zone, which coincides with its rising trendline support. Its 14-period RSI has recovered to 54.85, moving back into positive territory and indicating improving momentum.
From a moving-average perspective, Paytm has climbed back above its 20 EMA and continues to trade above the 50, 100 and 200 EMAs. The major moving averages are trending upward and are providing support on the downside.
The combination of positive price action and the rising trendline structure suggests that the stock may have room for further gains.
Analyst target: ₹1,945
Stop loss: ₹1,626
Belrise Industries Share Price Outlook
Wednesday’s closing price: ₹247.00, up 4.30%
Belrise Industries has also recorded a strong technical recovery after finding support near the lower end of its parallel price channel.
The stock defended the ₹228–₹232 area, which acted as an important support and demand zone. The 14-period RSI has moved to 57.70, returning to bullish territory and pointing towards improving buying momentum.
The stock has recovered above its 20 and 50 EMAs. It had previously received dynamic support near the 100 EMA, while the 200 EMA remains positioned below the broader setup and continues to support the longer-term bullish structure.
Based on the current technical indicators, analysts see the possibility of further upward movement.
Analyst target: ₹276
Stop loss: ₹231
Disclaimer
This article is intended solely for informational and educational purposes and should not be considered investment, financial or trading advice. The technical views, targets and stop-loss levels mentioned are based on the analyst commentary provided in the source material and are not guarantees of future performance. Readers should conduct their own research and consult a qualified financial adviser before making any investment decision involving shares, IPOs, mutual funds, commodities, precious metals, REITs, InvITs, cryptocurrencies or other investment products.