Nifty likely to remain choppy, these are the key levels as per Vinay Rajani

The technical analyst from HDFC Securities recommends buying Action Construction Equipment and Bandhan Bank.

Nifty: Choppy trend Continues

The NSE Nifty has been consolidating in the narrow range for the last six trading sessions. The Nifty has formed double bottom pattern at 16,950-odd levels on the daily chart.  However, bullish reversal would only be confirmed if Nifty surpasses 17,393 on a closing basis. Any close below 16,950 would be considered fresh break down on the charts, which could drag Nifty towards next support of 16,604.

Buy

Action Construction (ACE)

Last close: Rs 244

Target: Rs 265

Stop Loss: Rs 230

The stock has been finding support on its 200-day EMA for the last 6 months. Last week, the stock broke out