The Indian equity benchmark, amid decadal high US bond yields and a strong dollar, extended its losing streak for the second consecutive session on Wednesday. The Nifty benchmark ended over 1% lower at 19,901, while the Sensex tumbled close to 800 points to close the day at 66,800. Nervousness ahead of the crucial Fed meeting outcome, continued FII selling, and rising crude oil prices also weighed on market sentiment.
Experts foresee a cautious mood prevailing in the near term, while profit booking in the broader market is likely to continue.
\"Nifty has dipped below its previous swing high on the daily chart, indicating a decline in bullish sentiment. Following a period of consolidation, the index experienced a correction, which could be considered an early indication of a bearish reversal. Additionally, a negative crossover is evident on the daily RSI. In the short term, it is probable that the Nifty will decrease toward the 19,700-19,630 range. Selling on rallies might remain a favorable strategy as long as the index remains below the 20,000 mark,” said Rupak De, Senior Technical Analyst at LKP Securities.
Here are the stock recommendations for Thursday:
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