Indian headline indices ended with sharp cuts on Thursday as US tariffs and monthly expiry weighed on markets. Bears remained at the helm as the index slipped below the 100-EMA on the daily chart, confirming a short-term bearish trend.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty index broke down from its recent consolidation, signaling increasing weakness.
However, a positive divergence is visible on the hourly chart after a steep fall, suggesting the possibility of a small bounce-back before further decline. “The market has shifted from a ‘buy on dips’ setup to a ‘sell on rise’ opportunity over the past few days. In the current fast-changing dynamics, staying light appears to be a prudent strategy.
On the higher side, resistance is placed at 24,650/24,850, while on the lower side, support is seen at 24,480/24,300,” De said.
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