In the previous session, the Nifty index saw a positive opening and made a high near 17840 levels. The market remained in a positive territory throughout the day. Technically, the Nifty index formed a bullish candle on the chart and closed with a net gain of 127 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

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

United Spirits Ltd.

In the last trading day, stock formed a bullish candle on the hourly chart. We can see the ‘Rounding Bottom Pattern’ has formed. It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting above the neckline of the pattern. The Relative Strength Index (RSI) on the daily chart is 67 and it is moving above previous high.

In a Nutshell, the trend for United Spirits Ltd. looks to be positive now. One can initiate buy at current levels 811 which can take price towards 840 levels. This outlook is valid as long as we do not see any closing below 780 levels.

Check More Analysis on MCDOWELL N at: United Spirits Ltd.