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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
2 top stock recommendations from Vinay Rajani
«I feel that overall trend is quite bullish. Yesterday we saw that Nifty took out the resistance of 100 and 200 days’ exponential moving average which was placed at 23,400. Now it is expected that the previous resistance will act as a support now. So, 23,400 is a strong base for the market. In case of correction, I believe that Nifty should find support there and bounce back again,» says Vinay Rajani, HDFC Securities.
What is the outlook for the markets because till yesterday we had seen six consecutive days of gains. Do you believe that that is all that was there to this up-cycle rally that we have seen or do you believe that the bears are going to once again take charge and that was the end of the rally and now we are once again looking to continue the kind of correction that we were seeing until two weeks ago.
Vinay Rajani: So, I do not expect this market to reverse on the downside. There could be a minor profit booking or running correction. But the way it has surpassed the resistances, the way it has behaved in this recent rally, we have seen almost 8% rise, 1900 points rise in the Nifty while Bank Nifty has risen more than 9% and Smallcap Index has risen more than 15%. So, this has been fairly strong rally after a long time. As Ansh mentioned that the RSI of the Nifty reached to 71, that has happened for the first time after September 2024 when Nifty was at all-time high.
I feel that overall trend is quite bullish. Yesterday we saw that Nifty took out the resistance of 100 and 200 days’ exponential moving
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