Market Trading Guide: Bandhan Bank, IRCTC are among 4 stock recommendations for Wednesday

Indian headline equity indices tumbled on Tuesday witnessing their second successive negative closing, The Sensex plunged by over 900 points and the Nifty fell below the 24,500 mark, pressured by weak earnings and continued foreign selling across sectors. The Nifty50 index today closed 309 points or 1.25% lower at 24,472 while the S&P BSE Sensex fell by 1.15% or 930.55 points at 80,220.72.Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities, said that sentiment has further weakened after the Nifty broke below the crucial support level of 24,700. "The Nifty slipped from the head and shoulder pattern on the daily timeframe, leading to a sharp fall during the day. The sentiment may remain weak as long as the index stays below 24,700, with a 'sell on rise' strategy favored by market participants. The index has fallen below the 100 EMA for the first time since early June of this year. On the lower end, support is placed at 24,400, and if the index falls below this level, it may extend its correction towards 24,000," De said. Stock Ideas