Indian benchmark indices ended with deep cuts on Tuesday with all-round selling through the day. HDFC Bank and Reliance Industries (RIL) contributed to the decline the most. The 30-stock S&P BSE Sensex finished at 80,684.45, declining by 1064.12 points or 1.30% while the Nifty50 settled at 24,336, falling by 332.25 points or 1.35%.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the index has fallen below the 21-EMA, indicating a rise in bearish bets in the market. “Nifty slipped sharply following the formation of a Harami pattern on the daily timeframe. Additionally, the indicator is in a bearish crossover, further supporting the negative sentiment. The short-term outlook remains weak, with the potential for a decline towards 24,200, where an initial round of support is expected. A meaningful recovery might be seen if Nifty does not break decisively below 24,200,” De said.
Here are 4 stock recommendations for Wednesday:
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