In the previous session, the Nifty index saw a negative opening in the morning due to global weakness and soon slipped into the lowest point of the day. However, the Index recovered some losses from the lows as the day progressed. In the last hour, the market witnessed selling pressure again. The overall market witnessed range bound trade and the Nifty index closed with a net loss of 157.70 points. Technically the Nifty index formed a Bearish candle on the chart which indicates more weakness in the market. A cautious approach is advised for the next trading day.

Look at the below research report of ‘Stocks to Buy for –Wednesday, July 13, 2022’ before the market opens.

Emami Ltd

NSE :EMAMILTD   BSE :531162  Sector : FMCG

On the technical perspective, stock formed a ‘Double Bottom Pattern’ on the chart. Also, EMAMILTD share prices are moving above the long-term trend line on the chart. As shown on the chart stock comfortably closed above the Ichimoku cloud indicator which indicates short term bullishness. 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 30.77 which indicates that there is more room available on upside for the stock.

In short, the trend for EMAMILTD looks to be positive for now. We can expect it to reach a target of 492 levels based on our analysis. Add more on dips around 455-456 levels. This outlook is valid as long as we do not see any closing below 447 levels.

Check More Analysis on EMAMILTD at: Emami Ltd