In the previous session, the Nifty Index saw a gap down opening in the morning session. The index rebounded at an important support level and recovered all losses as the day progressed. Later we saw consolidation with positive bias throughout the day. The Index formed a Bullish Candle with long lower wick on the daily chart and closed with a net loss of 35 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 Wednesday, December 21,2022’ before the market opens.

Interglobe Aviation Ltd.

The pattern analysis shows that the INDIGO has once again attempted to resume its up move and closed above the 20 EMA support with positive momentum. We can see that the price has formed a ‘V-Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after a sharp V shape recovery in the stock. A pullback was seen in the stock after a V bottom formation. In the previous session, Prices have formed a Bullish candle on the chart and closed near the neckline of the pattern. In addition, The Relative Strength Index (RSI) on the daily chart is 66 and it is moving above previous high.

The short-term trend for INDIGO looks to be positive for now. Positions can be created above previous day’s closing levels, which can take prices towards 2280/2375 levels. As far as we do not see any closing below 1947 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis on INDIGO at: Interglobe Aviation Ltd.