In the previous session, the Nifty index saw a negative opening in the morning due to global weakness and soon slipped into the lowest point of the day. However, the Index recovered all its losses from the lows as the day progressed. In the last hour, the market witnessed selling pressure again. The overall market witnessed range bound trade and the Nifty index closed with a net loss of 109.40 points. Technically the Nifty index formed a Bearish candle on the chart which indicates more weakness in the market. Traders should be focused on Sector and stock specific strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, April 12, 2022’ before the market opens.

Oberoi Realty Ltd

NSE :OBEROIRLTY   BSE :533273  Sector : Realty

In the last trading day, Oberoi Realty Ltd. share prices formed a bullish candle on the chart and closed with a net gain of 4.52%. On the daily chart, we can see that prices have formed a ‘Double Bottom pattern’ and are currently placed near the Neckline resistance zone. Stock is facing hurdles near 1000 levels from the past few days. Hence, these levels have now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum. The Relative Strength Index (RSI) on the daily chart is 63.38, indicating bullishness.

The momentum on upside remains strong for Oberoi Realty Ltd. On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. We can expect it to reach a target of 1130 levels which is 161.8% of Fibonacci levels. On downside stop loss can be placed below 918 levels.

Check More Analysis on OBEROIRLTY at: Oberoi Realty Ltd