In the previous session, the market experienced a calm expiry. The Nifty index consolidated in 160 range throughout the day. The Nifty index opened on a flat note but abolished all its gain in the very first hour. Later, we have seen some recovery from day’s low. Technically, the Nifty index formed a Doji candle on the chart and closed with a minor loss of 18.85 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Friday, July 01, 2022’ before the market opens.

Adani Transmission Ltd.

ADANITRANS   BSE :539254  Sector : Power Generation & Distribution

In the last trading day, stock formed a bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed.’ It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting above the neckline of the pattern. The Relative Strength Index (RSI) on the daily chart is 66 and it is moving above previous high.

In a Nutshell, the trend for Adani Transmission Ltd.  looks to be positive now. A pull back can be expected near 2370 levels. Use dips as a buying opportunity for a move towards 2680 level as long as we do not see any closing below 2262 levels.

Check More Analysis on at ADANITRANS: Adani Transmission Ltd.