Nifty faces resistance at 25,160; Analyst recommends these 2 ETFs to 'Buy'

Vinay Rajani, senior technical and derivative analyst at HDFC Securities, has recommended buying Groww Nifty India Railways PSU ETF, and Edelweiss BSE Capital Markets & Insurance ETF

Nifty View

Another bullish session unfolded on Dalal Street as the Nifty continued its upward momentum, closing with a gain of 103 points (0.42 per cent) at 24,980. This marks the fourth consecutive session of gains for the index, which closed slightly below its day's high.

 

The Nifty appears to be heading towards its next resistance of 25,160, which represents the 61.8 per cent Fibonacci retracement of the entire decline from the recent swing high of 25,669 to the low of 24,337. The 24,775-24,820 band, where the 20-day and 50-day DEMAs coincide, is expected to continue serving as a support zone.  CATCH STOCK MARKET UPDATES TODAY LIVE 

 

Buy Groww Nifty India Railways PSU ETF(GROWWRAIL) CMP: ₹35 | Target ₹37.50| Stop-loss ₹33.5

 

Railway stocks seem to have bottomed out as oscillators have exited the oversold zone for most of the railway

counters. Groww Nifty India Railways PSU ETF has made a strong base near 34 levels in last 5 trading sessions. 

Buy Edelweiss BSE Capital Markets & Insurance ETF(ECAPINSURE) CMP: ₹23.50 | Target ₹26 | Stop-loss ₹22

Capital Market, AMC and Insurance themes seem to have gathered the bullish momentum on charts and same can benefit Ecapinsure ETF. Price has broken out from the consolidation and is sustaining above key moving averages.

 

(Disclaimer: This article is by Vinay Rajani, senior technical and derivative Analyst at HDFC Securities. Views expressed are his own.)