In the previous session, the Nifty index saw a gap up opening. The index got stronger as the day progressed and closed with a net gain of 159 points. The Nifty formed a strong bullish candle 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 Thursday, April 06,2023‘ before the market opens.

KEI Industries Ltd

On the technical note, KEI Industries stock recorded a Rectangle pattern break out on the daily chart. A Rectangle pattern is when price moves between a defined support and resistance zone. After a consolidation phase, we saw a fresh buying in the stock. Since price has managed to sustain above 20 EMA which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 65, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock above previous day’s closing levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 1856/1900 levels as long as we do not see any closing below 20 EMA support.

Check More Analysis on KEI at: KEI Industries Ltd