In the previous session, the Nifty index consolidated with a negative bias throughout the day. The Nifty index saw a flat opening and made a high near 18668. Later, in the afternoon we have seen correction in the index towards day’s low. Technically, the Nifty Index formed a Bearish candle on the chart and closed with a loss of 82 points. A cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, December 08,2022’ before the market opens.

Asian Paints Ltd

In the last trading day, stock formed a strong bullish candle on the daily chart and closed with a net gain of 2%. On the technical perspective, stock formed a ‘Double Bottom Pattern’ on the chart. As per the chart reading, a long entry signal will be triggered only above the previous day’s closing level. Prices have been giving a break above the 20 EMA which is a strong indication of a positive trend. The Relative Strength Index (RSI) on the daily chart is 62.

In short, Asian Paint Ltd. has continued to trade in the positive zone. Now a move above previous day’s closing near 3226 will confirm the continuation of the uptrend and open up gates for higher levels towards 3300 level. As far as we do not see any closing below 3109 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis on ASIAN PAINT at: Asian Paints Ltd