In the previous session, Market consolidated with a negative bias throughout the day. The Nifty index opened on a positive note but soon slipped into a negative territory. The Index saw a range bound trade and closed with a net loss of 41.50 points. Technically, the Index formed a bearish candle with lower lows lower highs pattern as compared to previous day. As there is no indication of upside bounce from this level, hence a cautious and stock specific approach is advised while trading in the market.

Look at the below research report of ‘Stocks to Buy for – Friday, July 02, 2021’ before the market opens.

Kaveri Seed Company Ltd

NSE :KSCL   BSE :532899  Sector : Miscellaneous

Kaveri Seed stock prices are moving in the form of ‘Double Bottom pattern’ in the daily time frame. In the previous session stock has given a break out of the same pattern but closed below the neckline. Now further breaking above its pattern resistance level might push the prices towards upside. The Relative Strength Index (RSI) on the daily chart is 61.58, which indicates bullishness.

In addition, Stock comfortably closed above the Ichimoku cloud with positive momentum. Along with this the formation of Base line and Conversion line crossover confirm the bullish trend on daily charts. The important thing to witness is that previously stock took the same support of ichimoku cloud on 7^th April 2021 and after that we have seen almost 278 points upside rally in the stock. Now again the cloud would act as perfect support and we could see movement in upward direction.

In short, the outlook for KSCL will remain positive. Now a move above 748 will confirm the uptrend and prices can move higher levels towards 780 and 840 levels. Stock has very strong support at 690 level which will act as stop loss in near term.

Check More Analysis on KSCL at: Kaveri Seed Company Ltd