In the previous session, market had a corrective move with a negative bias throughout the day. Nifty index opened on a positive note but soon slipped into negative territory. No major recovery was seen from lows throughout the session. The Index formed a Bearish candle on the chart and closed with a net loss of 50.80 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Friday, January 06,2023′ before the market opens.

Balkrishna Industries Ltd.

On the daily time frame, BALKRISHIND is moving above the Cup and Handle pattern. Cup pattern completed near to the price of 2180. The consolidation between 2050 and 2180 levels took around 12 days on the right-hand side of the pattern and the handle was formed. Stock in the previous session formed a green body candle which indicates bullishness.

The overall outlook for BALKRISHIND will remain Positive. To continue with the up move, a break above the prior day closing levels is required. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 2250 and then 2375 levels as long as 2100 levels hold on the downside.

Check More Analysis on BALKRISHIND at: Balkrishna Industries Ltd.