In the previous session, the market ended marginally negative as profit booking on the previous two sessions trimmed all the gains. 17500 is an immediate support level now, where we can expect a bounce back from the support. Any slip below this level will indicate incremental weakness towards 17200 level. Hence, A cautious approach is advised for the next session.

 Look at the below research report of ‘Stocks to Buy for Monday, August 29, 2022’ before the market opens.

Jammu and Kashmir Bank Ltd.

Since the last few trading sessions, we have seen good buying in the Banking sector. We have shown the chart of J&KBANK. Stock prices are moving in the Channel Pattern. In the previous session, stock formed a Bullish candle on the chart and closed with a net gain of 0.79%. Since price has comfortably closed above the channel resistance line, which suggests positive bias for the short term. In addition, ADX indicator is near 32 value, also +DI is moving above –DI indicating that positive momentum is about to come.

In short, one can initiate buy at current price and add more on dips around support levels near 30 levels. We can expect it to reach a target of 36/40 levels. This outlook is valid as long as we do not see any closing below 27 levels.