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Indian markets fell on Friday dragged by IT, auto and metal stocks. Nifty witnessed a volatile session even as the momentum continues to remain weak. The index traded volatile with a slightly negative bias on the first day of the June series.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the index has formed a bearish moving average crossover on the smaller time frame. “The RSI on the hourly chart indicates bearish price momentum, suggesting short-term weakness.
Additionally, signs of exhaustion are visible on the daily RSI, accompanied by a strong negative divergence. Immediate support is placed at 24,700 and a breach below this level could lead to a decline towards 24,500. On the higher side, 24,800 is likely to act as a crucial resistance, as call writers have built significant positions at that level.”
Here are 2 stock recommendations for Monday:
https://img.etimg.com/thumb/msid-121547126,width-1070,height-580,overlay-etmarkets/slideshow.jpg
https://economictimes.indiatimes.com/markets/stocks/news/market-trading-guide-wockhardt-bank-of-maharashtra-are-among-6-stocks-to-buy-on-monday-for-up-to-20-upside/stock-ideas/slideshow/121547126.cms
