Vinay Rajani recommends to buy HCC, Nava as stocks crossed key resistances

On the broader market outlook, the technical & derivative analyst from HDFC Securities suggests that the trend for Nifty is still bearish.

Nifty View

From the recent swing low of 17,774, the Nifty has gradually moved up in last few sessions towards 18,234 level. The Nifty is still placed below its 20 and 50 days SMA, with 20 DMA is sloping downward. Lower tops and lower bottoms are also intact, which indicates bearish trend.

To negate the downtrend, the Nifty has to convincingly surpass 18,500 resistance. On the downside, strong support is seen at 17,800. 

BUY

HCC

Last close: Rs 21.45

Targets: Rs 23.5; Rs 27

Stop Loss: Rs 18.90

The stock price has surpassed crucial resistance of multiple top placed at Rs 20. The stock has resumed its primary