Indian benchmark indices ended with declines for the third day in a row amid some volatility as FMCG and IT stocks pulled markets down. Nifty found support near its 20-day EMA and closed close to its 10-day EMA, keeping the broader outlook positive as long as it sustains above the 50-day EMA at 24,900.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that significant call writing was witnessed at the 25,300–25,400 zone, where a hanging man candlestick emerged after consecutive buying sessions, suggesting consolidation. “For the near term, Nifty is likely to trade in a range of 25,100–25,400, with 25,100 acting as strong support and 25,400 serving as key resistance for the index,” De said.
Here are 4 stock recommendations for Wednesday: