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They were dragged most by IT stocks with support from FMCG and bank stocks. While Nifty finished at 24,205.35, going down by 135.50 points or 0.56%, the 30-stock S&P BSE Sensex settled at 79,389.06, lower by 553.12 points or 0.69%.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said sentiment may continue to remain weak as long as Nifty stays below 24,500. The Nifty index on Thursday remained volatile before closing on a negative note and on the hourly chart, it encountered resistance around the 21 EMA, leading to a pullback toward 24,200, De said.
“Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750,” De added.
Here are 3 stock recommendations for Friday:
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The stock has indicated a positive trend reversal after the decent erosion witnessed from the peak zone of 171 to take support near the 200-period MA at 115 levels. This indicates a pullback with improvement in the bias. The RSI has signalled a trend reversal from the oversold zone to signal a buy and has much upside potential from the current rate. With the chart technically looking good, we suggest to buy the stock for an upside target of 145 keeping the stop loss at 110 level.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher Pvt Ltd)
ETMarkets.com
The stock has corrected quite well from 2,958 levels, currently showing signs of bottoming out with consolidation witnessed near 2,400 levels. This has improved the bias with a pullback witnessed in the last 2 sessions. The RSI has indicated a positive trend reversal to signal a buy. There’s further scope for upward movement with the risk-reward looking favourable. The chart looks attractive and with the indicators showing positive bias, we suggest buying the stock for an upside target of 2,800, keeping the stop loss of 2,340 levels.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher Pvt Ltd)
ANI
The stock has indicated signs of consolidation near the important 200 period MA at 420 zone. A decent pullback has been witnessed, which has improved the bias to anticipate further rise in the coming days. The RSI has corrected well from the overbought zone and is currently well-placed, indicating a positive trend reversal to signal a buy. With much upside potential visible from current levels, and the chart looking good, we suggest buying the stock for an upside target of 490 keeping the stop loss of 418 levels.
(Shiju Koothupalakkal, Technical Research Analyst, PL-CAPITAL – Prabhudas Lilladher Pvt Ltd)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Reuters
This article was originally published by Indiatimes.com. Read the original article here.