Stock Ideas

Indian headline indices conceded their morning gains dragged by bank and financial stocks to end Monday in the red. Nifty fell for the ninth straight session while BSE Sensex recorded its second consecutive loss today. The 50-stock index finished at 22,119.30, going down by 5.40 points or 0.02%. Meanwhile, the BSE Sensex fell by 112.16 points or 0.15% to close at Rs 73,085.94.

Commenting on the day's action, Vatsal Bhuva, Technical Analyst at LKP Securities said that Nifty found support around 22,000 and managed to close above the crucial 38.2% Fibonacci retracement level of 22,043, derived from the 2022 low of 15,213 to its all-time high of 26,277. "The RSI remains in a highly oversold zone at 22 on the daily chart, indicating a possible short-term rebound towards the 400-day EMA at 22,475. However, the broader trend remains bearish, favoring a sell-on-rise approach unless Nifty decisively closes above 22,600. Immediate resistance is at 22,300, while key support stands at 22,000. If this support is breached on a closing basis, the next support lies at 21,800," Bhuva said.

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