2 top stock recommendations from Vinay Rajani
«There is a strong support at 23,460 which happens to be the previous swing low, so that is the stop loss in the long positions of the Nifty,» says Vinay Rajani, HDFC Securities.
Like Ansh was just highlighting that both the benchmark indices are trading in quite a narrow range and it is more of a short covering led rally that what we are witnessing. Help us with your take on the benchmark indices and where do you see the index headed.
Vinay Rajani: So, yes, it is trading within the range of yesterday's move and recovery is there and sector-specific and stock-specific some good moves can be seen on the upside also. So, there is a stock-specific market. Nifty has risen by 110 points, but this can be considered as a pullback only. But however, the froth has gone out and many stocks have started performing, in fact, they are making highs of the recent swings. So, as a trader I would suggest that try to come out with stocks which can outperform this market because as far as benchmark indices are concerned, they are likely to remain in the range or consolidate.
There is a strong support at 23,460 which happens to be the previous swing low, so that is the stop loss in the long positions of the Nifty. But as far as stocks are concerned, trading is concerned, I can see many opportunities in today’s market like healthcare, pharma, and some of those auto stocks, and some oil exploration companies are moving excellently on the charts and looking very good on the momentum wise.
So, I see a lot of opportunities in the trading
