Here's why Vinay Rajani recommends buying TVS Motors, Bharat Electronics

The technical analyst from HDFC Securities expects near-term support for the Nifty at 16,300, below which it can slide to 16,000-mark.

Nifty View

The Nifty broke down below the consolidation range of 16,440-16,793, which it held for the previous six trading sessions. The Nifty also closed below its 20-day EMA support placed at 16,446. 

For the bullish trend reversal, the Nifty has to surpass the crucial resistance of 16,800 on a closing basis. On the downside, near-term support is seen at 16,300 level. Below which, the Nifty could slide towards the next support of 16,000-mark. Among sectors, the Oil & Gas, PSU and Auto are expected to outperform.

BUY

TVS Motors

Target: Rs 775

Stop Loss: Rs 724

Last close: Rs 744

The stock price has broken out from