In the previous session, Market opened on a positive note and the Nifty index made a fresh record high near 15952. The Nifty index gradually moved higher and maintained its bullish move throughout the day. Technically, the index formed a strong positive candle on the chart and closed with a net gain of 70.25 points. Hence we recommend approaching the markets in a positive way. Use every dips as a buying opportunity to further up move.

Look at the below research report of ‘Stocks to Buy for – Friday, July 16, 2021’ before the market opens.

Birlasoft Ltd

NSE :BSOFT   BSE :532400  Sector : IT – Software

In the daily time frame, BSOFT share prices are moving in the form of the ‘Double Bottom’ pattern. In the previous session, stock made a strong Bullish candle on the chart and made a fresh high near 423 levels. Stock price has given a breakout from neckline or resistance line and confirmed the trend. Positive bias was made with the help of 20 days exponential moving average. Along with this we can see that the ADX indicator is Bullish as positive DI is moving above negative DI on the chart.

In short, BSOFT looks to be positive for the short-term view .We have applied Fibonacci Projection, which indicates the possible location of support and resistance levels in any continuation trend. We can expect it to reach a target of 450 levels which is 261.8% of Fibonacci level. Add more on dips around 410 levels. This outlook is valid as long as we do not see any closing below 20 EMA support.

Check More Analysis BSOFT at: Birlasoft Ltd