In the previous session, the Nifty index witnessed a gap down opening . Post that index gradually recovered all its losses and made a high near 18521 level. Market remained in a sideways zone on the higher side throughout the day. The Index formed a Bullish Candle on the daily chart and closed on a flat note. 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, December 14,2022’ before the market opens.

Bharat Petroleum Corporation Ltd.

On the daily chart, we can see that BPCL Stock prices have formed a ‘Rounding Bottom pattern’. In the previous session, stock retested the higher level and closed above the neckline of the pattern with a bullish candle. The Rounding bottom, also called a Saucer pattern, appears as a ‘U’ formation on the chart. It signals the end of a downtrend and the possible start of an uptrend. The Relative Strength Index (RSI) on the daily chart is 70; which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 344 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 356/372 level as long as we do not see any closing below 328 levels.

Check More Analysis on BPCL at: Bharat Petroleum Corporation Ltd.