Vinay Rajani recommends buy on dips strategy; Nifty support seen at 16,000

The technical analyst from HDFC Securities recommends buying Transport Corporation of India basis charts

Nifty View

The Nifty has been falling in the last two trading sessions. The NSE benchmark seems to have found resistance at 16,414 and reversed south. Further, the markets have been highly volatile and choppy for last couple of weeks. 

Last week, the Nifty managed to hold its level above Feb 2022 Bottom of 15,671 and made a higher bottom at 15,775. The recent swing high was formed at 16,414, above which Nifty would confirm a bullish trend reversal. The support for the Nifty has now shifted up to 16,000.

Breadth Indicators, like the number of stocks above their 200-DMA