In the previous session, the market witnessed volatility throughout the day due to Monetary policy. The market opened on a positive note but soon abolished all its gains. Post that the Nifty index gradually recovered all its loss. However, in the second half the index again slipped into a negative zone and closed with a net loss of 60.10 points. As per the candle chart technique, the index formed a Bearish Engulfing candle on the chart which indicates more weakness in the market. Hence, a cautious approach is advised for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, June 09, 2022’ before the market opens.

SBI Cards & Payment Services Ltd.

NSE :SBICARD   BSE :543066  Sector : Finance

We have shown a daily chart of SBICARD. As per chart analysis, stock prices are entering in the Ichimoku Cloud zone. We can see that Stock prices have formed a ‘V- Bottom pattern’. It is a continuation chart pattern, in which we can see that upward price action after a sharp V shape recovery in the stock. In addition, The Relative Strength Index (RSI) on the daily chart is 54.53 and it is moving above previous high.

In short, one can initiate buy at current price and add more on dips around support levels near 770-773 levels. We can expect it to reach a target of 821 level. This outlook is valid as long as we do not see any closing below 753 level.

Check More Analysis on SBICARD at: SBI Cards & Payment Services Ltd.