In the previous session, The Nifty index opened on a positive note but soon slipped into negative territory. Till the middle of the session, the index saw more selling pressure. In the last trading hour, we have seen some recovery in the index. The Nifty index took a support of 15850 level and closed with a minor loss of 28 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

 Look at the below research report of ‘Stocks to Buy for –Friday, July 15, 2022’ before the market opens.

Edelweiss Financial Services Ltd.

NSE :EDELWEISS   BSE :532922  Sector : Finance

In the last trading day, EDELWEISS share prices formed a bullish candle on the chart and closed with a net gain of 4.28%. On the daily chart, we can see that prices have formed a ‘Double Bottom pattern’ and are currently placed near the Neckline resistance zone. 57 level has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum. The Relative Strength Index (RSI) on the daily chart is 66.52, indicating bullishness.

The momentum on upside remains positive for Edelweiss Financial Services Ltd. On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. We can expect it to reach a target of 61.85 levels which is 161.8% of Fibonacci levels. On downside stop loss can be placed below 53.35 levels.

Check More Analysis on EDELWEISS at: Edelweiss Financial Services Ltd.