Vinay Rajani recommends to hold longs on Nifty with a stop at 17,800

Among individual stocks, the technical & derivative analyst from HDFC Securities recommends buying RCF and NCC.

Nifty View

On December 26, 2022, the Nifty found support at its 100-day SMA and turned north. The breadth has been very strong in the last two trading sessions, where Smallcap Index outperformed Nifty with a good margin. 

The next resistance for Nifty is seen at 18,200, above which Nifty could extend the gains towards 18,430. Existing longs should be held with the stop loss of 17,800 on the Nifty.

BUY

RCF

Last close: Rs 116.5

Target: Rs 127

Stop Loss: Rs 110

For the week ended November 25, 2022, the stock broke out from bullish inverted head and shoulder pattern on the weekly charts. After breaking out