Indian markets continued their losing streak for the third session in a row dragged majorly by banks and IT stocks. The investors are awaiting a decisive commentary from the Reserve Bank India (RBI), which will announce its policy decisions on Friday.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. “Technically, very short-term support is placed at 24,500. A fall below this level may trigger an increase in short positions, potentially leading to a swift decline towards 24,000. On the other hand, if the Nifty holds above 24,500, it could see a recovery towards the 24,700–24,750 zone in the near term,” De said
Here are 2 stock recommendations for Wednesday:
