India’s headline indices Nifty and the BSE Sensex ended in the red on Monday witnessing their seventh consecutive loss led by selling pressure in auto, IT and pharma stocks. Nifty faced selling pressure near its 20-EMA on the hourly chart on Monday, ending the day at a weaker ground.
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities said that technical and derivative cues suggest Nifty likely trading in a short-term range of 24,500–24,850 with volatility and a sideways-to-bearish undertone. “Derivative data showed PUT writing at 24,600 and 24,500 strikes, highlighting immediate support zones, while CALL writing at 24,700 and 24,800 indicated resistance. A sustained move above its 50-day EMA is needed to turn bullish,” De said.
Here are 5 stock recommendations for Tuesday: