Here's why Vinay Rajani of HDFC Securities recommends buying Raymond, NIIT

The technical analyst expects the overall trend for the market to remain choppy, with the NSE Nifty likely to face resistance around 17,639 and 17,794.

The NSE Nifty came back with vengeance and recouped all the losses registered on February 14 2022. The Nifty surged more than 3 per cent to close at 17,352. However, lower tops are still intact on the daily chart of the Nifty, which shows that there could be a choppy trend ahead. Resistances for the Nifty are seen at 17,639 and 17,794, whereas support for the Nifty has shifted up at 17,000-mark.

Raymond
Buy: Rs 733.45
Target:  Rs 782
Stop-loss: Rs 700

From the 52-week high of Rs 810, the stock witnessed a gradual correction towards its 50-day EMA. On February 15 the stock gained more than 6 per cent on the back of rising volumes. The previous correction in the price was with thin volumes. The primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly charts. VIEW CHART

NIIT
Buy: Rs 428
Target: Rs 457
Stop-loss: Rs 408

The stock has formed a bullish “Piercing line” candlestick pattern on the daily chart. Bullish candle is accompanied with rising volumes. The stock has reclaimed its level above its 50-day EMA. The stock seems to have made higher bottom on the daily chart, which is likely to see follow up buying in the short term. VIEW CHART

Vinay Rajani, Technical Research Analyst, HDFC securities. Views expressed are personal.