India’s headline indices ended in the red for the second session in a row, as selling pressure in IT, banks and pharma stocks weighed on the D-Street. As a result, Nifty slipped lower following a breakdown from the congestion zone on the daily chart, reinforcing the prevailing bearish sentiment.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the index has moved below the 21-hour exponential moving average. “The RSI (14) on the daily chart has also turned negative, indicating weakening momentum. In the short term, the trend is likely to remain weak, which could lead to further downside. On the lower end, support is placed at 25,250–25,200, while on the higher end, resistance levels are seen at 25,400 and 25,500,” De said.
Here are 2 stock recommendations for Friday: