Vinay Rajani recommends Buy on Avadh Sugar, Shree Digvijay Cement

On the broader market outlook, the technical & derivative analyst from HDFC Securities expects the Nifty to face resistance at 18,730, and seek support at 18,442.

Nifty View

The Nifty has witnessed a correction of more than 300 points from the recent swing high of 18,887. The support for Nifty is seen at 18,442, which happens to be previous swing high on the daily chart. Resistance for the Nifty is seen at 18,730. The primary trend of the Nifty is bullish as Nifty has been holding higher top and higher bottom formation on the daily and weekly charts.

BUY

Avadh Sugar

Last close: Rs 548

Target: Rs 583

Stop Loss: Rs 511

The stock has surpassed the crucial resistance of its 200-day EMA on closing basis. The resistance is taken out with jump