India’s headline indices rose sharply on Monday, breaking their two-sessions aided by strong action in IT, metals and bank stocks. The index witnessed a sharp rally as it reclaimed the 21-EMA after a brief dip below it.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty had found support at the recent consolidation low on Friday and the index appeared fairly oversold on the hourly chart. Additionally, the weak FII long-short ratio of around 20% in index futures set the stage for the smart recovery that Nifty has just experienced. A steep directional move is not expected for now, De said, adding that a rally towards 25,350 looks highly probable once Nifty reclaims the 25,000 mark. On the downside, support is placed at 24,850.
Here are 5 stock recommendations for Tuesday:
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