In the previous session, we have seen a gap down opening in the market. However, till the afternoon session index recovered gradually from intraday lows near 17219 levels. Post that the Nifty index witnessed a range bound trade and closed the day with a net loss of 28.30 points. The market remains volatile due to geopolitical tension in the coming session. Hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Monday, February 21, 2022’ before the market opens.

Voltas Ltd

NSE :VOLTAS   BSE :500575  Sector : Consumer Durables

On the daily chart, we can see that Voltas stock formed a ‘Double-Bottom pattern’ and closed above the neckline of the pattern. The Double Bottom Pattern is a continuation pattern seen in all time-frames. A bullish white window occurred in the previous session.

Since price has managed to sustain above 100 Days EMA support which suggests positive bias for the near term. In addition, The Relative Strength Index (RSI) on the daily chart is 57.13; it has made a new high as compared to previous one, which is bullish. Traders are advised to buy and hold any stock only for a long-term view in the current market scenario where markets have fallen from the last few weeks.

In short, the trend for Voltas Ltd. looks to be positive for now. A throwback can be expected near 1230 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 1315 and 1425 levels as long as 1179 levels hold on the downside.

Check More Analysis on VOLTAS at: Voltas Ltd