In the previous session, Index resumed its up move after two days of consolidation. The Nifty index opened on a negative note. Post that the Nifty index gradually recovered all its loss. The index got stronger as the day progressed and closed with a net gain of 105.25 points. A bullish candle appeared on the daily chart. Hence, we recommend approaching the markets in a positive way. Use a trailing Stop loss method to protect your profit at higher levels.

Look at the below research report of ‘Stocks to Buy for – Friday, June 03, 2022’ before the market opens.

Adani Enterprises Ltd.

NSE :ADANIENT   BSE :512599  Sector : Trading

We have posted a daily chart of ADANIENT. We can see that the price has formed a ‘Double Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after the formation of the two similar bottoms. Also, Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. Stock formed a Bullish candle on the chart and closed with a net gain of 2.72%. In addition, The Relative Strength Index (RSI) on the daily chart is 55 and it is moving above previous high.

The momentum on upside remains strong for ADANIENT. 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 2265/2332 levels which is 61.8% and 78.6% of Fibonacci levels. On downside stop loss can be placed below 2107 levels.

Check More Analysis on ADANIENT at: Adani Enterprises Ltd.