In the previous session, the Nifty Index saw a gap up opening in the morning session but abolished all its gain in the morning. Later, in the afternoon we have seen more correction in the index towards day’s low. Technically, the Nifty Index formed a Bearish Engulfing candle on the chart , 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 16,2023’ before the market opens.
Berger Paints India Ltd
The pattern analysis shows that the BERGERPAINT has once again attempted to resume its up move and closed above the 20 EMA support with positive momentum. We can see that the price has formed a ‘Rounding -Bottom Pattern’. Stock prices were facing multiple hurdle near 590 levels since a few days and are currently moving at the edge of the neckline. In addition, the Relative Strength Index (RSI) on the daily chart is 58 indicate strength in the stock.
In short, BERGERPAINT looks to be at a breakout level with bullish up move expectations. Positions can be created above 593 levels, which can take prices towards 608/630 level. On the other side, 20 EMA support will act as key support for the stock.
Check More Analysis on BERGERPAINT at: Berger Paints India Ltd