In the previous session, The Nifty Index saw a gap up opening in the morning session and made high near 17026. However, the market gave up all intraday gains. Technically the Nifty Index formed a Bearish candle on the chart and closed with a net loss of 40.50. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Friday, September 30, 2022’ before the market opens.

Indian Railway Catering & Tourism Corporation Ltd

In the last trading day, stock formed a bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed. It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting near the neckline of the pattern. The Relative Strength Index (RSI) on the daily chart is 54 and it is moving above previous high.

In a Nutshell, the trend for IRCTC looks to be positive now. One can initiate buy above previous day’s high 712 which can take price towards 754 levels. This outlook is valid as long as we do not see any closing below 680 levels.

Check More Analysis on IRCTC at: Indian Railway Catering & Tourism Corporation Ltd