In the previous session, market had a corrective move with a negative bias throughout the day. The Nifty index opened on a flat note but soon slipped into negative territory.  In the afternoon session, index recovered some losses and closed on a net loss of 111.65 points. The Index formed a Doji Candle with a long lower wick on the daily chart. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Tuesday, March 21,2023′ before the market opens.

Bharat Petroleum Corporation Ltd

BPCL on the daily chart has decisively broken out above the ‘multi month resistance’ placed at 347-349 levels indicating a strong uptrend. The breakout is accompanied with an increase in volume confirming participation at breakout level. The stock is forming a higher high-low on the daily chart. This formation indicates a positive uptrend. Relative Strength Index (RSI) on the daily chart is 75.

With the risk reward being favorable and chart looking attractive, we suggest to buy and accumulate the stock for an upside target of 381/395. Valid until close below 340 levels.

Check More Analysis on BPCL at: Bharat Petroleum Corporation Ltd