Here's why Vinay Rajani recommends buying Godrej Consumer, Finolex Cables

The technical analyst from HDFC Securities expects the bias for the Nifty to remain positive as long as the NSE index holds above 15,704.

Nifty View

From the day's high of 16,025, the Nifty plunged 240-odd points towards 15,785 during intraday trade on Tuesday.

The Nifty finally ended the session with bearish shooting star candlestick pattern on the daily chart. However, higher top and higher bottom pattern is intact on Nifty daily chart.

As long as the Nifty stays above 15,704, there is a hope of an upward move till 16,173. On the flip side, a breach of 15,500 would accelerate the downward momentum, and that should be kept as stop for all positional longs.

Godrej Consumer

BUY

Last close: Rs 832.25

Targets: Rs 885, Rs 940

Stop Loss: Rs 790

The stock