 "Nifty outlook and two stock picks by Vinay Rajani of HDFC Securities")
Nifty View
The Nifty index, yet again, failed to register follow up buying post early morning gains. For the last 5 trading sessions, it has been trading in the range of 18,000-18,200. Sustainable level above 18,201 could result in to momentum buying in the coming sessions, which could take Nifty towards next resistance of 18,500.
PUT writing is seen at 17,900 strike in the Nifty, which can act as an immediate support.
Stock recommendation:
Stock recommendation:
Buy Greaves Cotton | Target: Rs. 157, 169 | Stop-loss: Rs 131.50
The stock price has started forming higher tops and higher bottoms on the daily chart.
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