Nifty seems to have strong resistance near 18,000-mark, says Vinay Rajani

Among stocks, the technical analyst from HDFC Securities recommends buying M&M Finance and Indian Bank

Nifty registered a 400-point recovery from the recent swing low of 17,613. On 2nd November 2021, Nifty made a high at 18,012 and reversed south, to close at 17,889. There are multiple evidences, which signal strong resistance for the NSE index near 18,000 levels. The 20-day SMA, 38.2 per cent retracement of the swing seen from 18,604 to 17,613 are indicating strong resistance around the 18,000-mark for the Nifty. A close above 18,000 on the Nifty could push the index towards the next resistance of 18,342. Support for the Nifty is seen at 17,800.

Buy M&M Finance (Rs 197)