Here's why Vinay Rajani recommends buying ABB India, JK Lakshmi Cement

The technical analyst from HDFC Securities sees the positional trend for Nifty as bullish and expects the index to seek support around 16,400-level.

Nifty View

In the last two trading sessions, the Nifty has been finding resistance at its 50-day EMA, currently placed at 16,690 odd level. From the bottom of 15,740, the Nifty registered a rise of more than 950 points. On May 31, the Nifty ended up the session with “Doji” candlestick pattern on the daily charts, which indicates indecision after healthy rise.

However, positional trend of the market is bullish and dips should be bought in to. The Nifty has got strong support at 16,400 level. On the upside, a level of 16,800 is expected to act as a resistance for the