In the previous session, Market opened on a higher note and the Nifty index made a fresh record high of 15901. Following a gap up opening, the index traded in a range bound zone and closed with a net profit of 57.40 points. We have seen buying in Banks, FMCG and Finance sector stocks. In technical parameters, 14 days RSI is moving above 70 levels which indicates an overbought zone for the market. Hence we recommended to use the ‘Buy on Dips’ strategy to avoid risk.

Look at the below research report of ‘Stocks to Buy for – Wednesday, June 16, 2021’ before the market opens.

The Ramco Cements Ltd

NSE :RAMCOCEM   BSE :500260  Sector : Cement

In the last session, Ramco cement share made high near 1029 levels and closed with a gain of 3.14%.In the daily time frame, Stock prices are moving in the form of the ‘Double Bottom’ pattern. Stock comfortably closed above pattern break out levels. A strong rising window occurred on the candles. Confirmation was made with the help of 14 Days RSI which is currently placed near 62.32, indicates bullishness.

On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. As per extension levels stock can take support near 1013-1014 levels. one can use this support levels as a buying opportunity at a lower price to move higher towards 1063. On downside stop can be placed near 975 levels.

Check More Analysis on RAMCOCEM at: The Ramco Cements Ltd

Hindustan Unilever Ltd

NSE: HINDUNILVR   BSE :500696  Sector : FMCG

As shown on the Daily chart, Hindustan Unilever Ltd formed a strong bullish candle in the previous session. The Stock has decisively broken the Symmetrical triangle formation. As per Ichimoku cloud, there is a positive confirmation since prices managed to close near the cloud from its consolidation phase. The 50 day Moving average is acting very well on the stock.

In short, HINDUNILVR looks to be positive., A break above 2400 levels could take the price towards 2448 and then 2530 levels till 2349 levels are maintained on the downside. To avoid risk it is best to book partial profits near 2448 levels and then trail stop to cost.

Check More Analysis on HINDUNILVR at: Hindustan Unilever Ltd