In the previous session, the market witnessed volatility throughout the day. The Nifty index opened on a flat note but abolished all its gain in the morning. Later, it recovered losses as the day progresses. Market remained in a sideways zone throughout the day. Technically, the Nifty Index formed a bullish candle on the chart and closed with a net loss of 48 points. The market has been showing a stock specific movement. Hence, the selective stock approach method is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Friday, December 09,2022 before the market opens.

Adani Enterprises Ltd.

Stock is facing hurdles near 4057-4060 levels from the past few days. Hence, these levels have now become an important resistance for the stock. A break above key resistance level will be the indication of upside momentum. Since price has managed to sustain above 9 EMA which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 65, which indicates bullishness.

The momentum on upside remains strong. On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. We can expect it to reach a target of 4360 levels which is 161.8% of Fibonacci levels. On downside stop loss can be placed below 3880 levels.

Check More Analysis on ADANIENT at: Adani Enterprises Ltd.