Nifty ended with cuts on Monday, dragged by auto, IT and consumer stocks after negotiations between Iran and the US ended without any outcome. A long green candle was formed on the daily chart at the lows, which indicates the formation of a bullish counterattack pattern.
Decoding the charts, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said after a series of bearish lower tops and lower bottoms formation in the recent past, Nifty registered a new higher low at 23,555 on Monday, which could be a sign of relief for bulls to sustain the recent bounce-back. “The weakness of Monday has not damaged the underlying near-term uptrend status of the market. Nifty is now placed at the crucial support of 23,500, and one may expect further upside in the near term. Immediate resistance is at 24,100,” he added.
Domestic stock markets are closed today because of Dr Baba Saheb Ambedkar Jayanti holiday.
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