The India-US trade deal gave a fresh thrust to Nifty which ended with strong gains led by financials, auto, realty and chemicals. Notwithstanding today’s surge, a large red candle has formed on the daily chart.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty opened with a gap-up but witnessed decent profit-taking, and a large red candle has now formed. “However, the index managed to close above the 38.2% Fibonacci retracement level, placed around 25,500. This led to a swift shift in sentiment from “sell on rise” to buy on dips within a single session. Going forward, immediate support is seen in the 25,470–25,500 zone. On the higher end, resistance is placed at 26,000–26,200,” he said.
Here are 4 stock recommendations for Wednesday:
