In the previous session, the market witnessed volatility throughout the day. The Nifty index saw a negative opening but gradually recovered all its losses. In afternoon the market witnessed selling pressure again. On the technical note, the index formed a Bullish candle on the chart and closed with a net gain of 35 points. 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 Wednesday, January 04,2023 before the market opens.

Samvardhana Motherson International Ltd.

The pattern analysis shows that the MOTHERSUMI has once again attempted to resume its up move and closed above the 20 EMA support with positive momentum. We can see that the price has formed a ‘V-Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after a sharp V shape recovery in the stock. In the previous session, Prices have formed a small Bullish candle on the chart and closed near the neckline of the pattern. In addition, The Relative Strength Index (RSI) on the daily chart is 63 and it is moving above previous high.

In short, MOTHERSUMI looks to be at a support level with bullish up move expectations. Positions can be created above previous day’s levels, which can take prices towards 82 level. On the other side, 20 EMA support will act as key support for the stock.

Check More Analysis on MOTHERSUMI at: Samvardhana Motherson International Ltd.