After three straight sessions of losses, Indian headline indices rebounded on robust demand in auto, IT, and metal stocks, aided by strength in banks. The index witnessed a significant recovery from negativity as the Nifty reversed momentum following an inverted hammer pattern.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that on the hourly RSI, a hidden positive divergence is visible though a sell on rise sentiment is prevalent, as long as the index stays below 24,850. “Only a decisive move beyond 24,850 might induce a rally towards 25,250/25,500. On the lower end, support is placed at 24,500,” De said.
Here are 5 stock recommendations for Tuesday: