In the previous session, the Nifty Index saw a negative opening in the morning session. The index rebounded at an important support level and recovered from its losses as the day progressed. Later we saw consolidation near higher levels. The Index formed a Bullish Candle with a small lower wick on the daily chart and closed with a minor loss of 14.75 points. 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, June 07, 2022’ before the market opens.

Rain Industries Ltd.

NSE :RAIN   BSE :500339  Sector : Trading

We have posted a daily chart of Rain Ind. In the chart, we can see that the price has given a breakout above ‘Double Bottom Pattern’. As per the daily chart, a long entry signal was triggered in the previous session. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 4.29%. The Relative Strength Index (RSI) on the daily chart is 58.47 which indicates bullishness. In addition, 50 EMA support is working very well for the stock.

In short, one can initiate buy at current price and add more on dips around support levels near 166 levels. We can expect it to reach a target of 181/205 levels. This outlook is valid as long as we do not see any closing below 163 level.

Check More Analysis on RAIN at: Rain Industries Ltd.