In the previous session, the Nifty index opened on a positive note and witnessed consolidation on the higher side throughout the day. On the technical note, the index formed a Doji candle on the chart and closed with a net gain of 52 points. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, December 15,2022′ before the market opens.

Cholamandalam Investment & Finance Company Ltd.

CHOLAFIN stock price is consolidating since few days near 750-753 levels and is currently moving near the neckline. This zone has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum but didn’t close above the break out zone. The Relative Strength Index (RSI) on the daily chart is 63, indicating bullishness. A move above 753 again will indicate the fresh buying in the stock.

In short, the trend for CHOLAFIN looks to be positive for now. Positions can be created only above 753 levels, which can take prices towards 767/785 levels. If the price will sustain above 767 levels, then we will review this stock again.

Check More Analysis on CHOLAFIN at: Cholamandalam Investment & Finance Company Ltd.