Vinay Rajani expects Nifty to remain bullish, sees 18,735 as next hurdle

Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to buy Triveni Engineering and GMM Pfaudler.

Nifty View

The Nifty rose for the sixth consecutive session, to close at new all-time high of 18,618. The previous swing high of 18,442 has become strong support for the Nifty and unless that is breached on closing basis, short term trend is expected to remain bullish.

The next resistance for Nifty is seen at 18,735, which happens to be 61.8 per cent Fibonacci extension level. 

BUY

Triveni Engineering

Buy Range: Rs 302 - Rs 280

Target: Rs 355

Stop Loss: Rs 270

The stock has registered symmetrical Triangle Breakout on the daily chart. Price breakout is accompanied with rising volumes. Higher tops and higher bottoms are seen