Here's why Vinay Rajani of HDFC Securities is bullish on SBI, PFC

The technical analyst also recommends to hold Nifty longs with a stop at 16,100; on the upside, he expects resistance for the NSE benchmark around 16,520 and 16,794.

Nifty View

The Nifty has been rising for the last three consecutive sessions. The NSE index has managed form another higher top and higher bottom formation by surpassing the previous swing high of 16,275.

The Nifty has also surpassed its 50-day EMA resistance placed at 16,145. Resistance for the Nifty is now seen at 16,520 and 16,794.

Nifty Longs should be held with the stop loss at 16,100.

PFC

BUY

Buy Range: Rs 112.35 - 109

Targets: Rs 118, 123

Stop Loss: Rs 107

The stock has broken out from the bullish “Cup and handle” pattern on the daily chart. The price breakout is accompanied with jump in volumes.

Further,