Mangalore Chemical, Kaveri Seeds are the top trading ideas of Vinay Rajani

The technical analyst from HDFC Securities expects the Nifty to find support in the range of 17,703 to 17,791.

Market View

The NSE Nifty has been finding resistance on the downward sloping trend line, adjoining the previous swing highs on the weekly charts. Trend-line resistance is placed somewhere in the range of 18,100-18,150. However, positional trend of the market is bullish, and therefore dips should be utilized to initiate fresh longs. Support for the Nifty is seen in the gap area, formed on April 04, 2022 between 17,703 and 17,791, where traders can go long for the upside target of 18,200, keeping a stop loss at 17,400.  

Mangalore Chemical and Fertiliser: BUY

Target: Rs 102

Stop Loss: Rs 86

Last close: Rs 91.30

The stock