In the previous session, the market witnessed a range bound trade. The Nifty index opened on a positive note and made a high near 15977. However, in the middle of the market the index saw profit booking from higher levels. Technically, The Index formed a Doji candle on the chart which indicates indecision in the market. Hence, a cautious approach is advised for the day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, May 17, 2022’ before the market opens.

Aditya Birla Fashion & Retail Ltd

In the daily time frame, ABFRL share prices are moving in a well channelized manner since September 2021.In the previous sessions, stock took exact support of Channel bottom line. Stock formed a Hammer candle with long lower shadow at the bottom of downtrend which indicates that bearish advance downward is rejected by the bulls. 100 EMA support is acting very well for the stock. At the same time, Parabolic dots are moving below the prices which indicates that stock is now in uptrend.

In short, ABFRL looks to be at a crucial juncture but with bullish up move expectations. Traders can add quantity in the portfolio at current market price, which can take prices towards 293 and 317 levels. On the other side, the level of Channel Bottom line will act as key support for the stock.

Check More Analysis on ABFRL at: Aditya Birla Fashion & Retail Ltd

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