India’s headline indices Nifty and the BSE Sensex finished in the red on Monday witnessing their seventh consecutive loss led by selling pressure in auto, IT and pharma stocks. Nifty faced selling pressure near its 20-EMA on the hourly chart on Monday, finishing the day at a weaker ground.
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities stated that technical and derivative cues suggest Nifty likely trading in a short-term range of 24,500–24,850 with volatility and a sideways-to-bearish undertone. “Derivative data revealed PUT writing at 24,600 and 24,500 strikes, highlighting immediate support zones, while CALL writing at 24,700 and 24,800 indicated resistance. A sustained relocate above its 50-day EMA is requireded to turn bullish,” De stated.
Here are 5 stock recommfinishations for Tuesday:
