In the previous session, market had a corrective move with a negative bias throughout the day. Nifty index opened on a positive note but soon slipped into negative territory. No major recovery was seen from lows throughout the session. On the technical note, Nifty managed to close above 17840 level, which is exact support of Fibonacci retracement level. Now a break below this level will indicate more weakness in the market.

Look at the below research report of ‘Stocks to Buy for Tuesday, January 17,2023’ before the market opens.

Tech Mahindra Ltd

The stock after the decent correction witnessed has bottomed out near 985 zone to form a double bottom formation pattern on the hourly chart. Strong bullish candle has shown signs of improving the bias to anticipate for further rise with a trend reversal. The overall structure is very bullish; higher highs and higher lows formation confirms this price pattern.

With the risk reward being favorable and chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 1057. Valid until close below 1002 levels.

Check More Analysis on TECHM at: Tech Mahindra Ltd