Headline index Nifty at the moment ended its six-session gaining streak to complete within the pink amid promoting stress in IT, FMCG and pharma shares. The Nifty remained confined inside a 150-point vary, marking the second consecutive day of consolidation.
Commenting on the day’s motion, Rupak De, Senior Technical Analyst at LKP Securities mentioned {that a} bearish engulfing sample has shaped on the every day chart, suggesting a pause within the ongoing worth rise. “The hourly RSI has entered a bearish crossover, and the index has shaped a decrease high on the hourly timeframe, indicating an preliminary weakening of the development. On the decrease finish, assist is positioned at 25,850; a fall under this degree would possibly set off additional correction in direction of 25,700. Then again, resistance is seen at 26,000–26,050, above which the development could reverse,” he mentioned
Listed here are 4 inventory suggestions for Wednesday:
