Indian headline indices continued their winning momentum on Wednesday led by gains in auto, IT and bank stocks. The Nifty continues to sustain above the previous swing high, supported by follow-up buying.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that market sentiments have improved significantly, with the panic index slipping by 10 during the day, reflecting growing investor confidence. “Going forward, the trend is likely to remain positive as long as the Nifty holds above the 21EMA, which is currently placed just above 24,900. On the higher side, resistance is seen at 25,400 and 25,500. A decisive move above 25,500 could lead to an additional rally of 400–500 points,” De said.
Here are 8 stock recommendations for Thursday: