India’s benchmark Nifty traded within a narrow range on Friday and closed with a slight decline. Financials and IT stocks weighed on the index, while auto and FMCG names helped cushion the downside and prevented a deeper fall. The 50-stock index closed the week forming a small candlestick on the weekly chart, indicating hesitation at higher levels.
Commenting on the current trends, Vatsal Bhuva, Technical Analyst at LKP Securities, said that Nifty’s RSI has drifted into a bearish crossover with lower tops on the hourly chart, suggesting bulls may take a breather at these levels. “However, support remains visible at 26,100 and 26,000, while resistance is placed at 26,300. The technical setup suggests the index may trade in a range, with immediate support at 26,100 and resistance around 26,300–26,350 levels. Closing above 26,300 levels will open the door for 26,600 levels,” Bhuva said.
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