Nifty ended with cuts on Monday, dragged by heavyweights like Reliance Industries (RIL) and ICICI Bank following their Q3 earnings. The index remained under bearish control, sustaining below the 20 EMA throughout the session.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said the day was marked by volatility, and every rise was sold into. “The RSI continued in a bearish crossover and trended lower as the index closed at a multi-day low. Market fear remained elevated, as reflected by a spike in India VIX. In the near term, the index may continue to drift lower, with a potential downside target around 25,200, while resistance is placed near 25,700,” De said.
Here are 4 stock recommendations for Tuesday: