In the previous session, the Nifty Index has once again attempted to test its key resistance level of 15900. The Nifty index saw a flat opening in the morning but soon slipped to the lowest point. However, the Index recovered over 100 points and made high near 15877. Technically, the Index formed a bullish candle on the chart and ended the day with a net gain of 41.60 points. 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 – Thursday, July 15, 2021’ before the market opens.

Sanofi India Ltd

NSE :SANOFI   BSE :500674  Sector : Pharmaceuticals

On the daily chart, Sanofi India Ltd is moving in the form of a long ‘Channel Pattern’. Recently, stock has given a breakout from the upper channel line on the chart. The important thing to witness is that from the past two sessions stock is making a similar high near 8090 which has now become a key resistance for the stock. A break above 8090 level will confirm breakout of Channel pattern. Along with this stock has formed a Triangle Pattern inside the channel formation which confirms the positive trend.

We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is 26.76 which indicates positive momentum in the trend. The ADX reading above 25 means strong directional strength.

In short, SANOFI seems to be in the final stages of downside correction. A break above 8090 can take prices higher towards 8500 and then 8770 levels. For the near term, the zone of 7800 has now become a temporary immediate support for the stock.

Check More Analysis on SANOFI at: Sanofi India Ltd