Vinay Rajani recommends to hold Nifty long with a stop at 17,500

The technical analyst from HDFC Securities also explains why he is bullish on BPCL, SBI Life

The NSE Nifty registered follow-up buying after bullish formation of “Morning Star” candlestick pattern on the daily chart. Nifty has closed at the five day’s high. In the last two trading sessions, the Nifty has been forming higher highs and higher lows. Indian Markets have been outperforming the global peers with good margin. There are good chances that Nifty would soon surpass the psychological level of 18,000-mark. Longs should be held with the stop loss of 17,500.

Buy
SBI Life Rs 1,262
Target Rs 1,325
Stop-loss Rs 1,227

The stock has broken out from the bullish cup and