In the previous session, the NIFTY extended its gain and made a high near 16418. The index saw a positive opening and remained in a positive territory throughout the day. Technically, the Index formed a strong bullish candle on the chart and closed with a net gain of 331.90 points. It’s a weekly expiry on Thursday. According to option data, we can see more upside momentum in the indices. Hence, we recommend approaching the markets in a positive way.

Look at the below research report of ‘Stocks to Buy for – Thursday, March 10, 2022’ before the market opens.

Balrampur Chini Mills Ltd.

NSE :BALRAMCHIN   BSE :500038  Sector : Sugar

We have shown a daily chart of Balrampur Chini. As per chart analysis, Ichimoku Cloud is acting as a very good support for the stock. We can see that prices have formed a ‘Double Bottom pattern’. Stock is facing hurdles near 456-459 levels from the past few days. We have not seen any closing above this zone since JAN 2022. Hence these levels have now become an important resistance for the stock. In the previous session, stock retested the same level and closed near the neckline of the pattern with a bullish candle. We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is 29 which shows strength in the trend.

The short-term trend for BALRAMCHIN looks to be positive for now. Positions can be created above 459 levels, which can take prices towards 513 levels. On the other side, Ichimoku cloud will act as a key support near 420- 422 for the stock.

Check More Analysis on BALRAMCHIN at: Balrampur Chini Mills Ltd.