Indian benchmark indices moved in a tight range on Friday but slipped into the red, weighed down by Reliance Industries (RIL), with HDFC Bank and Infosys adding to the drag. Nifty slipped further below the 100 EMA mark on the daily chart, confirming a deeper bearish trend.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the RSI has entered a bearish crossover, indicating sustained weakness. “In the short term, the trend may remain weak, potentially dragging the Nifty towards the 200 DMA placed at 24,071. On the lower end, support is placed at 24,400/24,150, while on the higher end, resistance is seen at 24,650. A “sell on rise” strategy remains preferable as long as the index stays below 24,850,” De said.
Here are 2 stock recommendations for Monday:
