In the previous session, the market saw a gap up opening and got stronger as the day progressed. The Nifty index made a day high near 16370 levels and closed with a net profit of 182.30 points. On the technical note, the index formed a bullish candle on the chart. The market has been showing sector and stock specific movement since the past few days. Hence, we recommend continuing to approach the markets in the same way.

Look at the below research report of ‘Stocks to Buy for – Monday, May 30, 2022’ before the market opens.

Housing Development Finance Corporation Ltd.

In the last trading day, HDFC stock formed a bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed.’ It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting above the neckline of the pattern . Along with these stock prices are closing above the Middle Band Bollinger which indicates strength in the market.

In a Nutshell, the trend for HDFC Ltd. looks to be positive now. A pull back can be expected near 2280 levels. Use dips as a buying opportunity for a move towards 2387/ 2556 levels as long as we do not see any closing below 2199 levels.

Check More Analysis on HDFC at: Housing Development Finance Corporation Ltd