Business Standard

Nifty needs to close above 18,730 to resume rally, says Vinay Rajani

The technical & derivative analyst from HDFC Securities recommends buying NLC India and Karnataka Bank among individual stocks.

NSE, national stock exchange, nifty50
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Vinay Rajani Mumbai
Nifty View

The Nifty rose for the second consecutive session, to close at 18,608. After witnessing a correction of more than 540 points from the recent swing high of 18,887, the Nifty has started recovering. 

The Nifty has managed to close above its 20-day EMA, which indicates bullish trend. Long positions should be held with the stop-loss of 18,345. Any close above 18,730, would confirm the resumption of an uptrend, which could pull the index towards new all-time high.

BUY
NLC India
Buy Range: Rs 91.4 - 85
Target: Rs 99; Rs 107
Stop Loss: Rs 83

The stock price has surpassed previous top of Rs 90 on

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