In the previous session, Market had a corrective move with a negative bias throughout the day. The Nifty Index saw a negative opening in the morning session and gradually extended losses as the day progressed. The Index formed a Bearish candle on the chart and closed with a net loss of 151.75 points. Technically, The Nifty index closed below the Middle Band Bollinger on the chart hence, a cautious approach is advised for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Friday, July 09, 2021’ before the market opens.

BSE Ltd

NSE :BSE   BSE :538397  Sector : Miscellaneous

In the last trading session, BSE Ltd. made a new 52 week high near 1008 levels. In the daily time frame, stock has given a breakout above ‘Bullish Pennant Pattern’. It’s a continuation chart pattern which occurred in a strong uptrend. The pattern consists of two major formations called the Flag pole and followed by the Triangle pattern. We have seen a sharp rise in the stock since May 2021 which formed a Flag pole. After that stock witnessed consolidation phase between 978-856 levels and formed a Symmetrical triangle like formation called pennant.

Stock prices are facing multiple hurdles near 977-978 levels. We have not seen any closing above this zone since 31^st May 2021. Hence 978 levels has now become an important resistance for the stock. Any closing above these levels will be the indication of upside momentum. Since price has managed to sustain above 9 Days EMA support which suggests positive bias for the short term.

In short, BSE Ltd. will remain in the positive zone. Now a closing above the 978 level will confirm the trend and open up gates for higher levels towards 1050.For the near term, the zone of 930 has become a temporary immediate support for the stock.

Check More Analysis on BSE at: BSE Ltd