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.
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“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)
