India’s headline indices ended in the red on Thursday amid selling pressure in the IT and bank stocks. Nifty remained mostly under selling pressure throughout the day as the index failed to move beyond the crucial resistance level of 25,260, leading to long unwinding.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that a consolidation breakout is visible, indicating weakening bullish momentum on the hourly chart. “The current sentiment appears bearish and may drag Nifty towards the 24,920–24,900 zone in the short term. On the higher side, 25,260 is likely to remain a strong resistance,” De said.
Here are 2 stock recommendations for Friday:
