Mirroring weak sentiment within the world markets, home benchmark indices continued their shedding streak for the sixth straight day on Friday. Nifty within the final 5 buying and selling classes has misplaced a considerable 2.66% and ended Friday’s session under 17,500 ranges. Sectorally, metallic pack was the worst hit, with Nifty Metallic index shedding 3%, whereas Nifty Pharma emerged as the one sectoral gainer
“Nifty has fallen again into the falling channel, heightening the probabilities of additional downsides. The 50 DMA and 14DMA are in a bearish crossover. Additionally, the present worth is sitting nicely under the important near-term shifting averages, with the momentum oscillator RSI (14) slipping under the studying of fifty. The present set-up is prone to hold the Nifty underneath strain, with a possible draw back in direction of 17150–17200 over the quick time period. On the upper finish, essential resistance is positioned at 17800,” Rupak De, Senior Technical Analyst at LKP Securities, mentioned
Listed below are inventory suggestions for Monday:
