In the previous session, the Nifty index consolidated with a positive bias throughout the day. The Nifty index opened on a flat note but soon slipped into a negative territory. The Index saw a range bound trade and closed with a net gain of 52 points. Technically, the Nifty Index formed a bullish candle with higher highs and higher lows pattern as compared to previous day. Whereas Nifty bank index formed a Doji candle on the chart which indicates indecision in the market. Hence a cautious and stock specific approach is advised while trading in the market.

Look at the below research report of ‘Stocks to Buy for – Tuesday, January 18, 2022’ before the market opens.

Ambuja Cements Ltd

NSE :AMBUJACEM   BSE :500425  Sector : Cement

In the daily time frame, Stock is moving in the form of a small ‘Symmetrical Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart. In the last trading day, Ambuja Cement share prices formed a bullish candle on the chart and closed with a net gain of 1.27%.  As seen on Band Bollinger, Prices are comfortably closed above the Middle Bollinger Band which is a sign of bullishness for the coming session as long as the lower Band is intact on downside. The Relative Strength Index (RSI) on the daily chart is 65.80.

In a nutshell, the trend of AMBUJACEM is positive. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 422/442 levels. For the near term, the zone of 400 has now become a key support for the stock. ‘Buy on dips’ would be an ideal strategy to accumulate the stock.

Check More Analysis on AMBUJACEM at: Ambuja Cements Ltd