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Breakout from 17,500-18,100 zone to give direction to Nifty: Vinay Rajani

Among individual stocks, the technical analyst from HDFC Securities recommends to buy Cochin Shipyard and PSP Projects.

NSE, Nifty, markets
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Photo: Bloomberg

Vinay Rajani Mumbai
Nifty View

From the day's high of 17,919, the Nifty witnessed profit booking and fell more than 130 points towards 17,780.

The short-term support for the Nifty is seen at 17,500-odd levels, which happens to be 34-day EMA. Resistance for Nifty is seen at 18,100-odd level. For the last 6 weeks, the Nifty has been in tight consolidation zone. Breakout from 17,500-18,100 range would give directional move in the Nifty. 

BUY
Cochin Shipyard
Buy Range: Rs 418.5 - Rs 405
Targets: Rs 450; Rs 478
Stop Loss: Rs 400

The stock price has broken out from the downward sloping trend line on the monthly

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First Published: Sep 21 2022 | 8:11 AM IST

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