Stock Pick For Thursday, January 20, 2022

  • Stock Market Analysis
  • Editors Pick

In the previous session, Market had a corrective move with a negative bias throughout the day. The Nifty Index saw a flat opening in the morning session and gradually extended losses as the day progressed. The Index formed a Bearish candle on the chart and closed with a net loss of 174.65 points. The index slipped below its key support level of 18000. Hence a cautious view is advised for the day.

Indian Stock Market will open negative. Technically, the Indian Stock Market, including Nifty, BankNifty and Sensex has entered into a negative zone and traders should initiate fresh short positions at every rally in the market. Market would be considered bearish and traders can continue to hold short positions in the market till it holds below 18181 for Nifty and 38590 for BankNifty.

Following stock looks technically strong for swing trading. Traders can go long at below given levels:

Bata India (NS: BATA ) Ltd

NSE: BATA INDIA   BSE:500043  Sector: Leather

On the last trading day, the stock formed a strong bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed. It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend.

Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting near the neckline of the pattern and further breaking above its neckline level might push the prices towards the upside. A break above 2060 confirms the breakout of the pattern. Along with these 20 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 62.45 which indicates bullishness.

In short, BATA INDIA has continued to trade in the positive zone. Now a move above 2060 will confirm the uptrend and open up gates for higher levels towards 2230. As far as 1950 remains intact on the lower side.

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  • Ankit Shah @Ankit Shah
    view on UBL
    Like 0
    Like 3
    • Prem Nimje @Prem Nimje
      Tata power will rock tomorow
      Like 0
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