In the previous session, the market once again witnessed the downtrend and ended the day with a net loss of 133.85 points. The Nifty index opened on a flat note but soon slipped into negative territory. Till the middle of the session, the index saw more selling pressure. Technically, The Nifty Index formed a Bearish candle on the chart. If we look from an immediate short-term angle, the index is placed at a crucial level and there are two possibilities either break below or reversed from the same level. Hence a cautious and stock specific approach is advisable for the next trading day.
Look at the below research report of ‘Stocks to Buy for – Monday, November 22, 2021’ before the market opens.
In the last trading day, Stock closed with a bullish candle near 1603 levels. We can see that stock prices have formed a ‘V- Bottom’ pattern on the daily chart. We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is 21 which indicates that there is more room available on upside for the stock.
The momentum on upside remains strong for BSE 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 1700-1730 levels which is 261.8% of Fibonacci levels. Add more on dips around 1470 levels. On downside stop loss can be placed below 1399 levels.
Check More Analysis on BSE at: BSE Ltd