The Nifty50 index closed 93 points lower at 24,853 on Tuesday. Indian VIX fell nearly 3% to close at 14.40 in the previous session.
The daily Relative Strength Index (RSI) has eased to 52, down from recent peaks, suggesting a loss of momentum but not a reversal yet. Meanwhile, MACD remains in negative crossover mode, reflecting the consolidation phase.
Technically, the Nifty50 is holding above the 20-day SMA at 24,830, but failed to reclaim the 25,000 zone, which continues to act as a stiff hurdle.
“The price action is largely sideways within a narrow band, showing indecision post the recent recovery,” Om Mehra, Technical Research Analyst, SAMCO Securities, said.
“The immediate support is seen at 24,700, followed by 24,650. On the upside, the 25,000-25,170 range remains a key resistance band; a close above this level may revive bullish sentiment,” he added.The Nifty Bank ended the session at 55,714.15, down 0.41% on Tuesday, forming a mild bearish candle after facing resistance near the 56,000 zone.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau
Chambal Fertilisers & Chemicals Ltd: Buy| Target Rs 572| Stop Loss Rs 545
Asahi India Ltd: Buy| Target Rs 787| Stop Loss Rs 738
Indus Towers Ltd: Buy| Target Rs 411| Stop Loss Rs 382
Expert: Kunal Bothra, Market Expert told ETNow
PB Fintech Ltd: Buy| Target Rs 1990| Stop Loss Rs 1920
Tata Elxsi Ltd: Buy| Target Rs 6800| Stop Loss Rs 6250
Supreme Industries Ltd: Buy| Target Rs 4770| Stop Loss Rs 4560
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
