Stocks to buy: Vinay Rajani of HDFC Sec suggests buying these 2 stocks

Nifty strategy

Nifty surpassed the key resistance levels of the previous swing high of 22,676 and the 20-day SMA, which was positioned near 22,550. The previous resistance level of 22,700 is now expected to serve as strong support moving forward. On the upside, immediate resistance is anticipated near 23,000, followed by 23,200.  ALSO READ | Stock Market Today LIVE

Stock picks

Buy NLC India (237.60) | Target: Rs. 252 | Stop loss: Rs. 226

The NLC India stock price has surpassed the crucial resistance of its 200 DEMA on a closing basis. The stock has been forming higher tops and higher bottoms on the daily chart. Indicators and oscillators have turned bullish on daily and weekly charts.  ALSO READ | Best Stocks to Watch Today

 

Buy JCHAC (1836) | Target: Rs 1,985 | Stop loss: Rs 1,758

The JCHAC stock price is placed above all important moving averages, which suggests bullish setup on all time frames. The price rise in stock is accompanied by a jump in volumes. Indicators and oscillators like MACD

and RSI have turned bullish on the daily charts.  (This article is by Vinay Rajani, senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)