Stocks to Buy for Friday, September 02, 2022
The Nifty index opened negative in early trade due to global weakness in the previous session and quickly fell to intra-day lows. However, the index recovered some losses in the first hour. Then the market experienced reselling pressure. The broader market underperformed with the Nifty closing a net loss of 216 points. Technically, the Nifty indicator formed a hammer candle on the chart, indicating indecision in the market. Therefore, caution is advised on the next trading day.
On the daily chart, we can see that TATACONSUME stock has formed a cup and handle pattern which is currently above the neckline resistance. This is a continuation pattern that occurs when a previous uptrend is followed by a consolidation area. According to the theory of the model, a rise of 100 points is expected in the next few days. We plotted the parabolic SAR. The parabolic point is below the price, indicating that the stock is currently in an uptrend. This indicator is very useful for entry and exit level of any traded stock. The relative strength index (RSI) on the daily chart is 64.
Since the chart looks attractive, you can buy this stock above 818-820 and start accumulating it. Based on our analysis, we can expect it to hit the target at the 920 level. This view is true as long as we do not see relatedness without parabolic SAR support.
Stocks Recommendations
Tata Consultancy Services TCS
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HDFC BANK
INFOSYS
HINDUSTAN UNILIVER
Tata Consumer Products Ltd.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Viralvdoz.
