India’s benchmark index Nifty extended its winning streak to a fourth straight session on Tuesday though the gains were capped as selling in FMCG, IT, and metal stocks offset buying interest in energy, banking, and auto counters. As long as the index sustains above 24,900 levels, where its 50-day EMA is placed, the outlook remains positive.
Commenting Vatsal Bhuva, Technical Analyst at LKP Securities said that Nifty faced selling pressure near its resistance zone of 25,200–25,250 today, indicating a possible short-term consolidation. “On the derivatives front, both call and put writers were active, with notable OI additions at the 25000 put and 25200 call strikes. Hence, Nifty is expected to trade in a range of 24950–25300, with support at 24950–25000 and resistance at 25250–2530,” he said.
Here are 7 stock recommendations for Wednesday: