India’s composite index ended sharply lower on Tuesday under selling pressure across the board, a day after Donald Trump was sworn in as US president. Banks, automobiles, IT, and real estate stocks lagged far behind. The S&P BSE Sensex fell 1,235.08 points or 1.60 per cent to settle at 75,838.36, while the broader Nifty fell 320.10 points or 1.37 per cent to settle at 23,024.65.
Commenting on the day’s movements, Vatsal Bouba, Technical Analyst at LKP Securities, said the Nifty faced selling pressure near the 14-day EMA and was just above the key support level of 23,000 yen, consolidating in a range. He said he believes the stock has closed on a long bearish candlestick below .
“The RSI is currently in a bearish crossover at 36, indicating a bearish trend, with room for further decline before entering the oversold zone, suggesting that the bears will consolidate their dominance. continues to limit recovery and The move after will be key to confirming that.”If the closing price falls below 23,000, the index could head towards the pre-election level of 22,500, with no immediate resistance until the Nifty closes above 23,300. There is a possibility that 23,500, a sell strategy is recommended if it rises,” Buba said.
The four recommended stocks for Wednesday are:
