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:
