Indian benchmark indices closed lower on Monday, weighed down by multiple headwinds including the 50% US tariffs kicking in tonight and a weaker rupee. Selling pressure was most visible in banks, pharma, metals, and realty stocks. The Nifty fell sharply, breaking below the support level of 24,800.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty’s decline was severe, pushing the index below the critical 50-day EMA. “The RSI has entered a bearish crossover, indicating weakening price momentum. In the short term, the index is likely to remain under selling pressure as long as it trades below 24,850. On the downside, the correction could extend towards 24,150 or lower,” De said.
Here are 4 stock recommendations for Thursday: