Stocks to buy for 13 February: MarketSmith India recommends these two stocks
Subscribe to enjoy similar stories. The Nifty 50, India’s benchmark index, extended its losing streak to six consecutive sessions, closing 27 points lower at 23,045.25 after a volatile trading day on Wednesday, 12 February. The broader market lagged behind the benchmarks, with the NSE Midcap and Smallcap indices declining 0.25% each.
The Nifty opened on a muted note at 23,050.80 and dipped toward its previous swing low of 22,800 before staging a sharp recovery. Despite volatility in the second half, the index managed to hold above the psychological 23,000 mark. The session resulted in a doji candle with a long lower wick, signaling strong buying interest at lower levels.
Read this | These two metal stocks may withstand Donald Trump's steel, aluminium tariffs Among sectors, only BFSI and Metal closed in the green, while all other major indices ended in the red. Market breadth remained weak, with the advance-decline ratio at 0.67, reflecting a strong tilt toward decliners. From a technical standpoint, after breaching its 21-day moving average (DMA), Nifty found support near its previous swing low at 22,786.
The index is currently trading below all key moving averages with a negative bias. The 14-day Relative Strength Index (RSI) is hovering around 41, trending sideways, while the Moving Average Convergence Divergence (MACD) has formed a positive crossover but remains below its central line, indicating a cautious market sentiment. Following O’Neil’s methodology of market direction, we downgraded the market status to ‘Uptrend Under Pressure’ after Nifty breached its 21-DMA and the distribution day count increased to two.
Read more on livemint.com
