Exit trading longs below 14,190 in Nifty: Vinay Rajani, HDFC Securities

Exit trading longs below 14,190 in Nifty: Vinay Rajani, HDFC Securities
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Nifty has been trading in the downward sloping channel on the daily charts. The current level of Nifty is placed very near to the support derived from this channel. Any close below 14,190 would be considered bearish and trading longs in Nifty should be squared off in that case. On the higher side, 14,560 would play a crucial role as resistance. The sustained level below 14,190 could drag Nifty towards 13,600-odd levels.

Stock Recommendations

Buy (469): | Target price: Rs 510| Stop-loss: Rs 443

has been the best performing stock in the IT sector over the last couple of weeks. The stock recently surpassed the previous top resistance of 452 on the daily chart with fair volumes. It also registered a new all-time high above Rs 356. The stock is placed above all important moving averages, which indicates bullish trend on all time frames.

Buy (2560): | Target price:Rs. 2825| Stop-loss Rs 2390

The chemical sector has been in the limelight for the last many months. PI Industry, one of the outperformers in the chemical space, is trading near its all-time high. The volumes have gone up along with the prices in the last one week. Indicators and oscillators have been showing strength in the current trend.


Disclaimer: Vinay Rajani is Senior Technical and Derivative Research Analyst at The analyst doesn’t have any holding in the stock. Views are personal

, Exit trading longs below 14,190 in Nifty: Vinay Rajani, HDFC Securities, Dear Reader,

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