The Indian stock market remained under pressure during the week, with the Nifty slipping about 1% and testing crucial support levels amid weakening momentum. While the broader trend remains positive, Rupak De, Senior Technical Analyst at LKP Securities, believes a decisive break below 24,000 could push the benchmark into a short-term bearish phase.
For the week ahead, De expects the 24,000 level to remain critical for the Nifty, while 24,700 could emerge as the next upside target if the market stages a recovery. He remains positive on the auto and PSU bank sectors, while FMCG and energy could stay under pressure. Among individual stocks, MCX continues to look technically strong after its recent rally, while Havells, ELGI Equipments and Himadri Speciality Chemical feature among his top trading ideas for the coming week.
