Here's why Vinay Rajani recommends to buy SBI Life, Indian Oil

On the broader market outlook, the technical & derivative analyst from HDFC Securities expects the near term trend on the Nifty to remain bearish as long as the index stays below 18,141.

Nifty View

The Nifty continued to trade in a choppy trend and failed to register follow up buying after yesterday's pullback rally. The index lost almost a per cent and closed below previous day's low.

The Nifty has formed lower top at 18,141 and turned south and therefore unless 18,141 is taken out decisively, trend would remain bearish for Nifty.

Strong support for Nifty is seen at 17,774, below which bearish momentum is likely to accelerate towards 17,500 level.

BUY

Indian Oil Corporation (IOC)

Last close: Rs 80.55

Targets: Rs 86

Stop Loss: Rs 77.4

The stock price has surpassed crucial resistance of previous top placed at Rs 79.