Stocks to buy for today in Indian Market before it opens
In the previous session, the market witnessed volatility throughout the day. The Nifty index saw a negative opening but gradually pared all its losses. In the afternoon, the market again witnessed selling pressure. On a technical note, the index formed a bullish candle on the chart and closed with a net gain of 35 points. The market looks volatile in the coming sessions and therefore a cautious approach is advised for the next trading day.
Samvardhana Motherson International Ltd.
Pattern analysis shows that MOTHERSUMI tried again to resume its upward movement and closed above the 20 EMA support with positive momentum. We can see that the price has formed a “V-bottom Pattern”. It is a continuation chart pattern in which we can see that bullish action after the sharp recovery of the V shape in stocks. In the previous session, prices formed a small bull candle on the chart and closed close to the pattern line. Furthermore, the Relative Strength Index (RSI) is at 63 on the daily chart, moving above the previous high.
In short, MOTHERSUMI looks to be at a support level with bullish upside expectations. Positions can be created above the previous day’s levels, which can push prices up to the 82 level. On the other hand, the 20 EMA support will act as a key support for the stock
