In the previous session, the market opened on a positive note but soon slipped into a negative territory in the very first hour. However, the NIFTY Index recovered from its low as the day progressed and made a high near 18081 level. Technically, the index formed a bullish candle on the chart but placed near the crucial 18000 level. Hence a cautious and stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, January 12, 2022’ before the market opens.

Trent Ltd

NSE :TRENT   BSE :500251  Sector : Retail

On the daily chart, we can see that TRENT stock prices have formed a Rounding Bottom pattern and are currently placed above the Neckline resistance zone. It occurs when the price rises over time but then falls and forms a bottom.  A pattern looks like an upside- down U shape. Previous day’s candle confirmed the breakout as a rising window occurred on the chart. Stock prices are moving above the Ichimoku cloud with positive momentum. The cloud would act as perfect support and we could see movement in upward direction. The Relative Strength Index (RSI) on the daily chart is 66, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock at support level near 1100 levels for an upside target of 1160/1200 levels. This outlook is valid as long as we do not see any closing below 1040 level.

Check More Analysis on TRENT at: Trent Ltd