India’s headline indices ended Monday in the red, breaking their four-session winning streak amid profit booking in auto and bank stocks. The Nifty index has formed a bearish engulfing pattern on the daily timeframe, indicating fatigue in the ongoing market rally. In the near term, the index may enter a phase of consolidation.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said that the short-term trend is likely to remain sideways before any decisive directional move. “On the downside, a decisive fall below 25,500 could trigger a correction. On the upside, resistance is placed at 25,600 and 25,800,” he said.
Here are 5 stock recommendations for Tuesday:
