In the previous session, the Nifty Index saw a gap up opening in the morning session and made high near 18325. However, the market gave up all intraday gains. Technically the Nifty Index formed a Bearish candle on the chart and closed with a net gain of 23 pts. Market looks volatile due to monthly expiry , hence a cautious approach is advisable for the next trading day.
Look at the below research report of ‘Stocks to Buy for Thursday, November 24, 2022’ before the market opens.
In the daily time frame, stock has given a breakout above ‘Bullish Pennant Pattern’. It’s a continuation chart pattern which occurred in a strong uptrend. The pattern consists of two major formations called the Flag pole and followed by the Triangle pattern. We have seen a sharp rise in the stock since November 2022 which formed a Flag pole. After that stock witnessed consolidation phase between 56-63 levels.
The short-term trend for SPIC looks to be positive for now. A pull back can be expected near 61 levels. Use dips as a buying opportunity for a move towards 73 levels. For the near term, 20 EMA has now become a temporary immediate support for the stock.
Check More Analysis on SPIC at: Southern Petrochemicals Industries Corporation Ltd