Market Trading Guide: Torrent Pharma, Alkem Labs are among 5 stock recommendations for Thursday

Indian frontline indices ended with gains on Wednesday recording their seventh consecutive positive closing. The market's rally was led by IT and auto stocks, though banks witnessed selling pressure. The BSE Sensex surged by 520.90 points or 0.65% to 80,116.49, while the Nifty gained 161.70 points or 0.67% to end the day at 24,328.95.Commenting on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that today's session was marked by volatility after an optimistic start, supported by positive global cues. He also pointed to a technical red-flag. "Although the sentiment remains upbeat as the index continues to trade above the previous swing high, the formation of a Hanging Man pattern on the daily chart serves as a warning for those holding net long positions. Additionally, the RSI is on the verge of confirming a negative divergence. Going forward, a decline towards the 24,000–23,900 zone appears likely if the Nifty slips below 24,300. On the higher side, resistance is seen at 24,450–24,500," he said.Here are 5 stock recommendations for Thursday: Stock Ideas