In the previous session, market saw a negative opening in the morning session. Market remained in a negative territory throughout the day. No major recovery was seen from lows throughout the session. Technically, the Nifty Index formed a strong bearish candle on the daily chart indicating further selling pressure on market .Hence a cautious approach is advisable for next trading session.

 Look at the below research report of ‘Stocks to Buy for Friday, December 16, 2022’ before the market opens.

Southern Petrochemicals Industries Corporation Ltd.

In the last trading day, SPIC 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 . Along with these stock prices are closing above the Middle Band Bollinger which indicates strength in the market.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 68 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 77 level as long as we do not see any closing below 61 levels.

Check More Analysis on SPIC at: Southern Petrochemicals Industries Corporation Ltd.