In the previous session, the Nifty index opened on a positive note and made a high near 18088 level. Later we saw consolidation on the higher side throughout the day. The Index formed a Bullish Candle on the daily chart and closed with a net gain of 133.70 points. Due to uncertainty in global market, a cautious approach is advisable for tomorrow.

Look at the below research report of ‘Stocks to Buy for Wednesday, September 14, 2022’ before the market opens.

Southern Petrochemicals Industries Corporation Ltd (SPIC)

We can see that the SPIC stock prices 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. A pullback was seen in the stock after a V bottom formation. In the previous session, Prices have formed a Bullish candle on the chart and closed near the neckline of the pattern. Further breaking above previous day high will confirm the trend.

The momentum on upside remains positive for SPIC. On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. Position can be created above 66.50. We can expect it to reach a target of 73/81 levels which is 61.8% and 78.6% of Fibonacci levels. On downside stop loss can be placed below 59 levels.

Check More Analysis on at SPIC: Southern Petrochemicals Industries Corporation Ltd