In the previous session, market had a corrective move with a negative bias throughout the day. Nifty index opened on a positive note but soon slipped into negative territory. No major recovery was seen from lows throughout the session. The Index formed a Bearish candle on the chart and closed on a net loss of 111 pts. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.
Look at the below research report of ‘Stocks to Buy for Wednesday, March 15,2023′ before the market opens.
United Spirits Ltd
In the last trading day, stock formed a bullish candle on the daily chart and closed with a net gain of 1.85%. As per the daily chart reading, stock is comfortably closed above 20 EMA support. The important thing to witness is that the stock is showing divergence with the RSI indicator. The positive divergence happens when the stock prices make lower lows but at the same time indicator makes higher lows. As shown on the chart, price went down but the RSI indicator is going towards upside which indicates positive momentum
In short, MCDOWELL-N looks to be at a crucial juncture but with bullish up move expectations. Positions can be created around current levels, add more on dip around 760 levels which can take prices towards 781/795 level. On the other side, level 730 will act as key support for the stock.
Check More Analysis on MCDOWELL-N at: United Spirits Ltd