In the previous session, the Nifty Index saw a gap up opening in the morning session. In the afternoon , the index abolished all its gains and made low near 16045. Later the index rebounded at an important support level and recovered from its losses in the last trading hour. The Index formed a Doji Candle with a small lower wick on the daily chart and closed with a net gain of 143.10 points. We recommend approaching the markets in a positive way until the index holds 16000 support.

Look at the below research report of ‘Stocks to Buy for –Friday, July 08, 2022’ before the market opens.

Adani Ports & Special Economic Zone Ltd

ADANI PORTS stock prices are moving in the form of a ‘Double Bottom Pattern’. Recently, stock has closed near the neckline of the pattern on the chart. Stock price broke the pattern resistance today and closed above the same. Further breaking above previous day’s high will confirm the trend. As seen on Parabolic SAR, Prices are comfortably closed above parabolic support which is a sign of bullishness for the coming session. In addition, closing above long term 21 EMA support will confirm the trend as stock closed near the line.

In short, the trend for ADANI PORTS looks to be positive for now. Positions can be created only above 707 levels, which can take prices towards 724 levels. This outlook is valid as long as we do not see any closing below Parabolic SAR. If the price will sustain above 724 levels, then we will review this stock again.

Check More Analysis at ADANIPORTS: Adani Ports & Special Economic Zone Ltd