Ruchit Jain, 5paisa.com, has identified two stock selections for the current day: ICICI Prudential Life and Wipro.

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Jain's first buy recommendation for the day is ICICI Prudential Life Insurance, a prominent player in the private sector life insurance segment. One of the key reasons behind this is the price volume action that private sector life insurance stocks have been exhibiting today.

Also, ICICI Pru Life has undergone a period of consolidation over the past 1-1.5 months. However, recent developments indicate a breakthrough from this consolidation phase, signaling a potential upward movement.

To position yourself for potential profits, Jain advises going long on ICICI Prudential Life with a stop loss set at Rs 557. The near-term target he suggests is Rs 600.

The stock has gained more than 2 percent over the past month.

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Jain's second pick of the day is Wipro, one of the leading players in the IT industry. His recommendation is backed by the recent breakout observed in the Nifty IT Index, which had been consolidating for over a year. This breakout is seen as a strong indicator that large-cap IT stocks are poised for favorable performance in the coming days.

Analysing the price volume action of Wipro, it becomes apparent that there is still room for an upward move. Investors are encouraged to consider going long on Wipro, with a stop loss set below Rs 425. The potential short-term targets Jain proposes are at Rs 450.

Notably, Wipro has gained 5 percent over the past month.

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