Indian benchmark indices ended their four-session losing streak on Thursday aided by strong buying action in IT stocks that rallied on the rupee’s decline. The index mostly remained below the 21 EMA on the hourly chart, reflecting sustained selling pressure during the session.
Based on the current trends, Rupak De, Senior Technical Analyst at LKP Securities expects the markets to remain choppy when trading resumes on Friday. He expects trading to happen in a narrow range until the RBI MPC announcements and does not rule out a volatile trade once the outcomes become public. “Technically, the 26,100–26,150 zone is expected to act as crucial resistance, while support is placed at 25,900–25,950. A fall below 26,000 may trigger a quick correction towards 25,950–25,900, as the chart setup appears weak on the hourly timeframe,” De said.
Here are 2 stock recommendations for Friday: