In the previous session, market had a corrective move with a negative bias throughout the day. Nifty index opened on a flat note but soon slipped into negative territory. No major recovery was seen from lows throughout the session. The Index formed a Bearish Engulfing candle on the chart and closed with a net loss of 187 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 11,2023′ before the market opens.

Hindustan Copper Ltd

The pattern analysis shows that the HINDCOPER has once again attempted to resume its up move and closed above the Trendline support with positive momentum. We can see that the price has formed a ‘Double Bottom Pattern’ on the daily time scale.In the previous session, Prices have formed a Bullish candle on the chart and closed above the neckline of the pattern. In addition, The Relative Strength Index (RSI) on the daily chart is 65 and it is moving above previous high.

In short, HINDCOPER looks to be at a support level with bullish up move expectations. Positions can be created around CMP levels, which can take prices towards 136 level. On the other side, the level of 117 will act as key support for the stock.

Check More Analysis on HINDCOPER at: Hindustan Copper Ltd