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Here's why Vinay Rajani recommends buying Timken India, Ashok Leyland

The technical analyst from HDFC Securities recommends going long on the Nifty with a stop at 15,500.

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Vinay Rajani Mumbai
Nifty View

The Nifty has been rising for the last four consecutive sessions. Last week, the Nifty managed to form higher top and higher bottom pattern on a closing basis, which indicates bullish trend reversal for the short term.

At present, the Nifty is in continuation of an uptrend, where next resistances are seen at 16,100 and 16,235 levels. Trading longs should be held with 15,500 stoploss on the Nifty.

Indicators and oscillators like MACD and RSI have turned bullish on the daily chart for the Nifty. 

Timken India
BUY
Targets: Rs 2,600, Rs 2,690
Stop Loss: Rs 2,350
Last Close: Rs 2,447

The stock price has broken out

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First Published: Jun 29 2022 | 7:58 AM IST

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