India’s headline indices ended Wednesday in the red pulled by heavyweights HDFC Bank, Reliance Industries (RIL) along with Larsen & Toubro (L&T). After rallying nearly 5% in recent weeks, the Nifty has witnessed a mild pullback over the past few sessions, bringing it closer to the 38.20% retracement of the prior upward move, around the 25,300 mark.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities, said that the index has found initial support near the 50-hour moving average on the hourly chart. “On the upside, immediate resistance is placed at 25,500. A sustained move above this level could pave the way for a short-term recovery, potentially pushing the index towards 25,600 or higher. Conversely, a decisive break below 25,300 may open the door for a sharper correction,” De said.
Here are 5 stock recommendations for Thursday:
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