Indian frontline indices continued their falling streak on Friday, declining for the fourth day in a row. They were pulled down by banks, financials and auto stocks. The 30-stock S&P BSE Sensex finished at 75,311.06, declining by 424.90 points or 0.56% and the broader Nifty fell by 117.25 points or 0.51% to close at 22,795.90.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has fallen giving a bearish flag pattern breakdown on the hourly chart. This suggests a rise in bearishness among market participants, he said. “Additionally, Nifty has closed at a multi-day low amid increased bearish sentiment. The RSI (14) has entered a bearish crossover. On the lower end, a correction towards 22,500 looks possible in the short term, while on the higher end, 22,850 might continue to remain a strong resistance,” De said.
Here are 4 stock recommendations for Monday:
