Technical calls from HDFC Securities: Buy Nippon Life, Max India

Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities

Strong support seen around 12,000 in Nifty

On Tuesday, the Nifty breached its short term support of 12,087 and closed below its 50-day EMA for the first time since October 7, 2019. Trendline adjoining the previous bottoms on the daily charts projects strong support at 12,000-odd levels. On the Derivative front, highest OI is placed 12,000 strike. Nifty started its rally from September 2019 and since then has witnessed almost 5 running corrections with the bottoms being higher than the immediate previous bottom each time. Immediate previous bottom for Nifty is currently placed at 11,929, which can act as a far