In the previous session, the market witnessed volatility throughout the day. The Nifty Index saw a negative opening in the morning session and made a low near 15671. Post that market saw strong recovery from day low in the last two hour. Technically, the Nifty index formed a Bullish Engulfing pattern on the daily chart. The pattern occurred in the downtrend which may be a primary sign of trend reversal. The stock specific action will continue in the market; hence, traders are advised to keep focusing on such theory.

Look at the below research report of ‘Stocks to Buy for – Wednesday, March 09, 2022’ before the market opens.

Infosys Ltd

We have posted a daily chart of Infosys Ltd. In the chart, we can see that the price has given a breakout above ‘Double Bottom Pattern’. As per the daily chart, a long entry signal was triggered in the previous session. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 2.20%. In addition, the Relative Strength Index (RSI) on the daily chart is 56.47 which indicates bullishness. As seen on Band Bollinger, Prices are comfortably closed above the Middle Bollinger Band which indicate positive mometum for the coming session.

In short, one can initiate buy at current price and add more on dips around support levels near 1750 levels. We can expect it to reach a target of 1834/1900 levels. This outlook is valid as long as we do not see any closing below 1690 level.

Check More Analysis on INFOSYS at: Infosys Ltd