In the previous session, the market opened with a deep cut. The Nifty index saw selling pressure throughout the session. There was no major recovery seen in the market. The index moved towards the crucial support level and closed with a net loss of 430.90 points.. The Nifty index has been making lower tops and lower bottoms formation. The index formed a Bearish Candle in the daily timeframe. The overall market looks to be volatile hence a highly cautious approach is advisable for the next trading session.
Look at the below research report of ‘Stocks to Buy for – Friday, May 20, 2022’ the market opens.
P I Industries Ltd.
NSE :PIIND BSE :523642 Sector : Agro Chemicals
On the daily chart, we can see that PIIND stock formed a ‘Double-Bottom pattern’ and closed above the trendline support. The Double Bottom Pattern is a continuation pattern seen in all time-frames. A bullish white window occurred in the previous session. Prices are comfortably close near the Parabolic SAR which suggest a bullish trend is intact and we can expect upside momentum to continue from support levels.
Traders are advised to buy on dip in the current market scenario where markets have fallen from the last few days. The trend for PIIND looks to be positive for now. Positions can be created above 2700 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 2780 and 3032 levels as long as 2528 levels hold on the downside.