India’s benchmark index Nifty ended lower on Tuesday, recording its third straight loss amid selling pressure in IT, auto and consumer stocks.
The November series expiry remained subdued.Commenting on the day’s action, Nilesh Jain, Head – Technical and Derivatives Equity Research Analyst at Centrum Broking said that the index struggled to cross the psychological barrier at 26,000 and ultimately closed below 25,900. A clear move above 26,000 is now essential to spark short covering and pave the way toward 26,200, he said.
“At present, the index is precariously positioned near its 21-DMA at 25,850, slipping below this support could accelerate the downside toward 25,700. The broader trend remains bullish, and a buy-on-dip strategy is likely to work as long as the Nifty holds above its 50-DMA, currently positioned near the 25,490 level,” Jain added.
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