In the previous session, the Nifty index opened on a flat note and remained in a positive but sideways zone in the morning session. Later we have seen more buying interest in the Nifty Index as the day progressed. Technically, the index formed a Bullish candle on the chart and closed with a net gain of 240.85 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, March 15, 2022’ market opens.

Reliance Industries Ltd

NSE :RELIANCE   BSE :500325  Sector : Refineries

On the daily chart, we can see that Reliance stock prices have formed a ‘V- Bottom pattern’. Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. Stock comfortably closed above the 100 EMA support with a strong positive candle. In addition, a divergence appeared between the RSI and stock prices. Stock prices are moving towards downside and making lower lows whereas the RSI is showing a higher bottom. This pattern indicates that prices continue the uptrend after the correction.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. A pullback is expected in the stock after a V bottom formation. So add more on dips around 2370 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 2485/2568 levels as long as we do not see any closing below 2270 levels.

Check More Analysis on RELIANCE at: Reliance Industries Ltd