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MC Interview | Chances of directional move in Nifty50 more on the downside, says this technical chartist

To negate the downtrend, Nifty has to surpass 18,500 on a closing basis, says Vinay Rajani of HDFC Securities.

January 23, 2023 / 10:57 AM IST
Vinay Rajani of HDFC Securities

Vinay Rajani of HDFC Securities

"Since Nifty made bearish ‘Engulfing candlestick’ on the monthly charts in December 2022 and India VIX is trading at the lower-end currently, the chances of directional move on the downside is more than on the upside," Vinay Rajani of HDFC Securities tells Moneycontrol in an interview. To negate the downtrend, Nifty has to surpass 18,500 on a closing basis, the CMT charter holder adds.

The Senior Technical and Derivative Analyst with over 16 years of experience in the financial markets advised the option traders to focus more on buying options than selling as Nifty may end the consolidation soon and volatility is expected to pick up.

The worst seems to have been discounted in the price of technology stocks, he feels. "However, running corrections cannot be ruled out and therefore we advise accumulating IT stocks on dips, says Rajani.

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