Market Trading Guide: Buy RBL Bank, SAIL and 2 more stocks on Friday for up to 6% gains
Indian benchmark indices ended in the red for the fifth day in a row amid selling pressure in auto, IT and financial stocks. Nifty slipped below 25,000 which is its 21 EMA on the daily timeframe, confirming increasing bearish sentiment.Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty's fall below the crucial support level of 25,050, which also coincides with the 38.20% Fibonacci retracement of the previous rise from 24,400 to 25,450. “It appears that the bulls are stepping back, giving bears more control over the market. On the downside, immediate support is placed at 24,800; a break below this level could trigger a deeper and more serious correction. On the upside, resistance is seen at 25,000," De said.Here are 4 stock recommendations for Friday: Stock Ideas
Indian benchmark indices ended in the red for the fifth day in a row amid selling pressure in auto, IT and financial stocks. Nifty slipped below 25,000 which is its 21 EMA on the daily timeframe, confirming increasing bearish sentiment.Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said Nifty's fall below the crucial support level of 25,050, which also coincides with the 38.20% Fibonacci retracement of the previous rise from 24,400 to 25,450. “It appears that the bulls are stepping back, giving bears more control over the market. On the downside, immediate support is placed at 24,800; a break below this level could trigger a deeper and more serious correction. On the upside, resistance is seen at 25,000," De said.Here are 4 stock recommendations for Friday: Stock Ideas
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