Indian benchmark indices ended with cuts for the fourth day in a row amid selling pressure in auto, IT and bank stocks. Nifty has been consistently sustaining below the 21 EMA on the hourly chart, confirming a prevailing bearish trend in the near term.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that he expects the market is likely to remain range-bound over the next few days. “Each time the index approaches the 21 EMA, selling pressure emerges. On the lower side, the 25,000 – 25,050 zone is expected to act as a crucial support for the headline index. However, a decisive fall below 25,000 could trigger a deeper correction in the short term,” De said.
Here are 2 stock recommendations for Thursday: