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Indian headline indices closed in the red on Thursday amid high volatility as tension between India and Pakistan escalated. Selling pressure was seen across sectors with sharpest fall of up to 2% seen in auto, metals and realty while Nifty Bank index declined 0.5%. While the BSE Sensex fell by 411.97 points or 0.51% to close at 80,334.81, the broader Nifty was down by 140.60 points or 0.58% to end the day at 24,273.80.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the index closed today with a ‘Dark Cloud Cover’ candlestick pattern, indicating heightened fear among traders. Prior to this, the index faced resistance around 24,550. “The near-term sentiment now appears weak, with the potential for further correction in the short term. Immediate support is seen at 23,950; a break below this level could lead the index down towards 23,450. On the upside, resistance is placed at 24,400 and 24,550,” De said.
Here are 2 stock recommendations for Friday:
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