Rajani sees Nifty rally 23,800, picks Linde India, MCX
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- Vinay Rajani of HDFC Securities noted that the Nifty index remains choppy with a primary downtrend, but a recovery found support near the April 2025 gap around the 22,950 level.
- Nifty faces resistance at its five‑day exponential moving average of 23,560, and a break above this level could enable a further rally to 23,700‑23,800.
- FII index futures short covering has improved the long‑to‑short ratio, providing additional support for a rebound.
- Linde India showed a fresh breakout; Rajani recommends buying near 7,230‑7,250 with a stop loss at 7,100, targeting 7,450‑7,500.
- MCX is benefitting from renewed metals and oil traction; Rajani suggests entry around 2,628 with a stop loss at 2,580, targeting 2,720‑2,750.
- Traders are advised to maintain long positions in Nifty with a stop loss at 23,200 while aiming for a pull‑back rally to 23,700‑23,800.
Why it matters: Investors who follow Rajani’s plan can capture short‑term gains as Nifty pushes toward 23,800, while those shorting the index risk losses if the resistance break triggers a rally; the highlighted picks Linde India and MCX stand to profit from metal and energy price rebounds.
