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.

NSE, national stock exchange, nifty50
Web Exclusive Premium

Vinay Rajani Mumbai
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 27 2022 | 7:41 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com