Stocks to Buy for – Friday, June 18, 2021
In the previous session, the market had a negative start however, we have noticed some recovery in the first half of the market. Post that market witnessed selling pressure again and the Nifty index closed with a net loss of 76.15 points. The Nifty index formed an indecisive candle on the chart.Hence a cautious approach is advisable for the next trading session.
Look at the below research report of ‘Stocks to Buy for – Friday, June 18, 2021’ before the market opens.
NSE :ACC BSE :500410 Sector : Cement
In the daily chart, prices are moving higher from past few trading sessions. The stock touched its new high near 2066 levels on 15th JUNE 2021.It seems like stock is moving in consolidation zone between 1990-2066 levels. We have not seen any closing above this zone since eight trading sessions. Hence 2066 level has now become an important resistance for the stock. Any decisive break above these levels will be the indication of upside momentum. Since price has managed to sustain above 20 DMA support for a decent amount of time which suggests positive bias for the short term. In addition to that ADX indicator also suggested the up move.
In short, ACC Ltd will remain in the positive zone. A break above 2066 can take price towards 2107/2170 levels as long as 1989 remains intact on downside.
Check More Analysis on ACC at: ACC Ltd
Nazara Technologies Ltd
NSE :NAZARA BSE :543280 Sector : IT – Software
In the daily time frame, stock is moving near its key support level. Stock formed an ‘Inverted Hammer’ candlestick pattern on the chart which is a signal of bullish reversal after a downtrend. On the other word the pattern indicates that the bulls are now willing to buy the stock at the fallen price.
On the daily chart, we have shown the Bollinger Bands wherein we can see that stock is moving near the middle band Bollinger. The strategy is very simple. Once we see a close above the middle band then we enter a long position while keeping the lower Bollinger band as the stop loss or the low of the breakout candle as the stop loss.
In short, Stock looks to be at a crucial juncture but with bullish up move expecting. Break above 1695 levels which could take prices towards 1750/1780 levels. On downside stop loss can be placed below 1640 levels.