India’s headline indices ended with minor gains on Wednesday as gains in FMCG and IT stocks were offset by selling trends in auto and banks. Nifty which ended with 0.14% gains, traded within a narrow range, remaining below the 50 EMA on the daily timeframe.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that the short-term trend remains slightly weak as the index continues to sustain below this critical moving average.
“However, the possibility of a meaningful recovery stays intact, supported by a bullish reversal pattern formation and a hidden positive divergence. In simple terms, the index may continue to move up towards 25,000–25,200 in the short term, with support placed at 24,750. A break below this level could weaken market sentiment,” De said.
Here are 4 stock recommendations for Thursday: