Indian headline indices fell for the second day in a row dragged by IT and auto stocks. The Nifty slipped in the opening hour before finding support around the 61.80% Fibonacci retracement level of the previous rise.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the short-term sentiment might remain weak as the index is sustaining below the 21EMA. “The RSI is in a bearish crossover, adding to the weak momentum. In the short term, the trend may remain weak with a possible decline towards 25,615/25,535. Resistance is placed at 25,970–26,000,” De said.
Here are 4 stock recommendations for Wednesday: