Nifty ended with marginal declines, extending its fall to the fourth day in a row. While metal, auto and bank stocks provided a positive momentum, IT, realty and consumer stocks were spoilsports. The index has slipped to the upper band of the falling wedge pattern, where the correction appears to have been arrested.
Commenting on the current trends, Rupak De, Senior Technical Analyst at LKP Securities, said that some negative technical factors may influence market sentiment in the coming days. “The index has fallen below the middle Bollinger Band, the RSI has entered a bearish crossover, and the Nifty has also slipped below the 21 EMA, reinforcing the short-term downtrend. Immediate support is placed in the 25,850–25,870 zone. A decisive break below this level could intensify bearish sentiment, while resistance is placed at 26,000,” De said.
Here are 6 stock recommendations for Wednesday:
