Vinay Rajani recommends selling Vedanta, DLF; expects further fall in Nifty

The technical analyst from HDFC Securities sees the next major support for the Nifty at 15,700-level.

Nifty: Downtrend continues

From the recent swing high of 18,114 registered on April 04, 2022, the Nifty has witnessed a fall of almost 2,000 points. The Nifty has been falling for last four consecutive weeks and this week too it has started on a bearish note. 

The NSE benchmark index is now trading below its 20, 50, 100 and 200 DMA, which indicates that positional trend has turned bearish. On May 10, 2022, the Nifty Smallcap Index plunged 2.4 per ent and breached the crucial support of previous swing low formed in February 2022. 

The support for the Nifty is now seen at