In the previous session, market had a corrective move with a negative bias throughout the day. The Nifty index opened on a flat note but soon slipped into negative territory. No recovery was seen in the market today. The Index formed a Bearish Engulfing candle on the chart and closed with a net loss of 164.80 points, which indicates more weakness in the market. Hence a cautious approach is advisable for the next trading day.
Look at the below research report of ‘Stocks to Buy for Thursday, March 10,2023‘ before the market opens.
SBI Cards & Payment Services Ltd
The stock is on the verge of generating a breakout above the trendline level indicating up move and offer fresh entry opportunity. After a long correction and consolidation , we have seen a good buying interest in the stock. In the previous session, a strong bullish candle appeared on the chart. In addition, the Relative Strength Index (RSI) on the daily chart is 58 indicate strength in the stock.
In short, the trend for SBICARD looks to be positive for now. Positions can be created only above 768 levels, which was previous swing high levels . A move above 768 can lift the prices towards 820 levels. If the price will sustain above 820 levels, then we will review this stock again.
Check More Analysis on SBICARD at: SBI Cards & Payment Services Ltd