Vinay Rajani recommends buying ICICI Securities, Prestige Estates

According to Vinay Rajani of HDFC Securities, Nifty has got strong support at 17,944. High of 18,350 registered on Tuesday could act a short term resistance for the index.

After seven consecutive bullish candles on the daily chart, the Nifty registered a red candle with the fall of more than 1 per cent. The Nifty Smallcap Index nosedived more than 2.3 per cent and breadth of the market deteriorated on Tuesday. Nifty closed below its 5 days EMA support for the first time since December 21, 2021. However, primary trend of the index is still bullish and dips should be bought in. Nifty has got strong support at 17,944. High of 18,350 registered on Tuesday could act a short term resistance for the index. We expect it to consolidate