Here's why Vinay Rajani recommends buying Indoco Remedies, PTC India

The technical analyst from HDFC Securities said traders should wait for correction to enter fresh longs on the Nifty index.

Nifty ended in the green for the fifth consecutive session Tuesday to close at 17,345. The index has risen more than 2,200 points from the bottom of 15,183 registered in June 2022. RSI and MFI oscillator have reached the overbought territory on the daily chart.

Nifty has retraced 76.4 per cent of the entire fall seen from 18,114 to 15,183. Looking at the short term overbought scenario, traders should wait for correction to enter fresh longs. Close above 17,400 would resume the primary uptrend. Support for the Nifty is seen at 17,000 and 16,800. 

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