Nifty fell below 22,600 on Monday riding on weak global cues. The 50-stock index finished the session at 22,553.35, falling by 242.55 points or 1.06% amid massive selling across sectors, but most in the IT stocks. The S&P BSE Sensex finished at 74,454.41, declining by 856.65 points or 1.14%.
Today’s fall marked the fifth straight decline for the frontline indices.
Commenting on the day’s action, Rupak De, Senior Technical Analyst at LKP Securities said that Nifty has broken down from a bearish flag and pole pattern, signaling the start of a correction. “From here, the index may continue to decline in the short term, moving toward lower levels. Immediate support is seen at 22,450, and a drop below this level could trigger a further correction toward 22,200 or lower. On the upside, immediate resistance is observed in the 22,670-22,700 range,” De said.
Here are 5 stock recommendations for Tuesday:
