Support zone for Nifty shifted higher to 17,200-17,300, says Vinay Rajani

Among individual stocks, the technical analyst from HDFC Securities recommends buying IndusInd Bank and Mahindra CIE.

Nifty View

By surpassing 17,428, the Nifty has formed higher top preceded by higher bottom. The Nifty has also surpassed the resistance of the 50 per cent retracement of the entire downswing seen from 18,096 to 16,747. The next resistance for the Nifty is seen at 18,000-18100 zone. The support zone for Nifty has shifted up to 17,200-17,300.

BUY

IndusInd Bank

Last close: Rs 1,223

Targets: Rs 1,290; Rs 1,340

Stop Loss: Rs 1,190

The stock has broken out from symmetrical tringle pattern on the daily chart with jump in volumes. The BankNifty has been outperforming and same is expected to continue. Further, the stock price is