Indian headline indices ended with declines on Monday, led by auto, FMCG and metal stocks. While the BSE Sensex fell by 155.77 points or 0.19% to close at 80,641.07, the broader Nifty was down by 81.55 points or 0.33% to end the day at 24,379.60.
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities said that Nifty ended with a bearish candlestick on the daily chart on Tuesday, indicating a firm resistance near the 24,500 mark as market participants stayed cautious ahead of the Fed meeting and Indo-Pakistan tensions. “Key support lies in the 24,250–24,200 zone. Technically, a directional trend will emerge only after a decisive move above 24,500 or a close below 24,200. Until then, the index is likely to trade in a range. With the Fed outcome now released, a directional move could unfold in the upcoming sessions,” he said.
Here are 5 stock recommendations for Wednesday: