In the previous session, the market opened on a flat note but in the very first hour we noticed corrections. The market was directionless throughout the day. The Nifty Index continued drifting lower and closed in a negative territory with net loss of 103.50 points. Technically, the index formed a Bearish Candle on the chart. Hence, a conservative approach is advisable for the next trading session.

Look at the below research report of ‘Stocks to Buy for – Thursday, December 16, 2021’ before the market opens.

P I Industries Ltd

NSE :PIIND   BSE :523642  Sector : Agro Chemicals

In the daily time frame, Stock is moving in the form of a ‘Symmetrical Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart. Stock formed a strong bullish candle in the previous session. The 9 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 61 and moving above its previous high which indicates bullishness.

In short, the trend for PIIND looks to be positive now. A throwback can be expected near 2980 levels. Use dips as a buying opportunity for a move towards 3220 levels as long as we do not see any closing below 2900 levels.

Check More Analysis on PIIND at: PI Industries Ltd