In the previous session, the market traded with positive bias and managed to hold its bullish move throughout the day. The Nifty index witnessed a range bound trade in the morning session which maintained all its gains and closed with a net gain of 119.75 points. Technically, Index formed a Doji candle on the chart which indicates indecision in the market.As long as the Nifty Index does not move above 15900 level convincingly, we recommend continuing to approach the markets in a stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Wednesday, July 14, 2021’ before the market opens.

Snowman Logistics Ltd.

Snowman Logistics stock prices are moving in the form of a bullish ‘Symmetrical Triangle’ pattern in an ongoing uptrend. In the previous session, stock has given a breakout from the upper trend line on the daily chart but closed below the resistance line. Now further breaking above its pattern resistance level might push the prices towards upside. As per Triangle pattern theory 9-10 points rally is expected from the support zone. Hence there is more room available for the stock in upside.

In addition, Stock is comfortably closed above the 61.8% of Fibonacci retracement level which will act as a key support for the stock. Also, the up move has been supported by Ichimoku Cloud as prices are moving near the upper cloud zone.

In short, Snowman Logistics Ltd looks to be positive now. Break above previous day’s high near 54.65 levels will confirm the trend and could take prices towards 64-65 levels. On downside stop loss can be placed below 50.65 levels.

Sun Pharmaceutical Industries Ltd.

On the daily time frame SUNPHARMA share prices are moving precisely within the small ‘Channel Pattern’. Stock is facing hurdles near 686-689 levels from the past one month. In the previous session, Stock closed with a strong bullish candle near its key resistance levels and now only breaking above would take prices higher.

As per wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 5. After taking a support and bouncing off from corrective wave 4 near 652-654 levels, stock is trying to resume its up move again. Since price has managed to sustain above Middle Band Bollinger which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 56.34, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock above 689.50 for an upside target of 712/730 levels with keeping the stop loss of 663.