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Two stock recommendations for today: MarketSmith India's top picks for 26 March
Subscribe to enjoy similar stories. Nifty 50 snapped its winning streak and closed flat at 23,668 on Tuesday. Taking cues from global markets, the index opened on a positive note but faced resistance around 23,850, which aligns with the 50-week moving average (WMA).
As a result, it erased all its gains within the first couple of hours. Following this, the index moved sideways in a range. This price action led to the formation of another bullish candle on the daily chart, characterised by a higher high and a higher low structure.
All indices closed lower except for IT and financial. Meanwhile, market breadth remained weak, with the advance-decline ratio at 1:5. From a technical standpoint the index closed above the 100-day moving average (DMA) as well as a 38.2% retracement level of the entire decline from the September 2024 highs to the recent March low.
However, the index faced resistance around its 50-WMA and saw profit-booking. The 14-day RSI is trending upward and is currently positioned at 71. Although the MACD has exhibited a positive crossover, it remains below the central line.
Also read: Paytm investors should look beyond UPI incentives blip Following the O'Neil methodology of market direction, MarketSmith India has upgraded the market status to ‘confirmed uptrend’ from ‘rally attempt’ after witnessing a follow-through day. On 18 March, Nifty advanced about 1.5% on higher d/d volume, signaling renewed market strength. Similarly, Sensex rose around 1.53% on higher d/d volume.
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PI Industries’ weak core business keeps investors on edge
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