India’s heartbeat index Nifty ended its two-session gaining streak to close with minor declines on Monday, dragged by auto, financials and pharma stocks though IT and FMCG checked any sharp decline. The index faced resistance near 26,050 before closing slightly lower.
Decoding the current trends, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty encountered resistance at the falling trendline on the hourly chart. Moreover, the hourly RSI has witnessed a bearish crossover and is trending lower, indicating bearishness in the market, he said. “Overall, the index is likely to remain range-bound between 25,900 and 26,100. A decisive move beyond this range could trigger a directional move,” De added.
Here are 2 stock recommendations for Tuesday: