In the previous session, the Nifty index opened on a positive note but abolished all its gain as the day progressed. No major recovery was seen from lows throughout the session. Technically, the Nifty index formed a bearish candle on the daily chart and moved in lower highs and lower lows formation. The market looks to be volatile for tomorrow due to the monthly derivative expiry Hence, we recommend approaching the markets in a stock specific way only.

Look at the below research report of ‘Stocks to Buy for – Thursday, May 26, 2022’ before the market opens.

ICICI Prudential Life Insurance Company Ltd.

NSE :ICICIPRULI   BSE :540133  Sector : Insurance

The pattern analysis shows that the ICICIPRULI has once again attempted to resume its up move and closed near the Ichimoku cloud with positive momentum. We can see that the price has 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. A pullback was seen in the stock after a V bottom formation. In the previous session, Prices have formed a Bullish candle on the chart and closed above the neckline of the pattern. In addition, The Relative Strength Index (RSI) on the daily chart is 56 and it is moving above previous high.

The short-term trend for ICICIPRULI looks to be positive for now. Positions can be created above 524 levels, which can take prices towards 536/551 levels. For the near term, the zone of 501 has now become a temporary immediate support for the stock.