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Indias headline indices ended in the red for the third session in a row, as selling pressure in IT, auto and financial stocks weighed on the markets. Nifty has fallen below the 21 EMA on the daily timeframe. Commenting on the days action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty continues to remain weak as the index slipped below the previous swing low on the hourly chart. Momentum also remains weak in the short term, with the RSI in a negative crossover. However, after the recent decline, the index has approached the support of the 200-hourly moving average. A move above 25,150-25,160 in the initial trading hour could trigger a rally towards 25,250 and 25,400. On the downside, support is placed at 25,090 and 24,900, he said.Here are 4 stock recommendations for Monday:
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The Indian market closed in the red for the third consecutive day in a row on Friday. The BSE Sensex fell nearly 700 points, while the Nifty50 closed below 25,200 levels.
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