In the previous session, the market once again witnessed a consolidation in a narrow range. The Nifty index opened on a positive note and made a fresh new high of 16359.However, in the last hour of the market the index saw profit booking from higher levels. Technically, The Index formed a Doji candle on the chart for the fourth consecutive day which indicates indecision in the market. Hence, a cautious approach is advised for the day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, August 11, 2021’ the market opens.

PVR Ltd

NSE :PVR   BSE :532689  Sector : Entertainment

As shown on the daily chart, PVR Ltd. formed a strong bullish candle in the last two sessions. Recently, the stock has decisively broken the channel Pattern and closed above the key resistance line. The important thing to witness is that the stock is showing positive divergence with the Stochastic oscillator. The positive divergence happens when the stock prices make lower lows but at the same time indicator makes higher lows. As shown on the chart, price went down but the stochastic indicator is going towards upside which indicates positive momentum.

In Addition, prices are comfortably closed above the Ichimoku cloud and also above the middle band Bollinger on the chart which indicates short term bullishness in stock.

In short, the trend for PVR Ltd. looks to be positive for now. One can initiate buy above previous days high near 1425 levels and add more on dips around support levels near 1380 levels which can take price towards 1465/1570. This outlook is valid as long as we do not see any closing below Middle Band Bollinger. To avoid risk, it is best to book partial profits near 1465 levels and then trail stop to cost.

Check More Analysis on PVR at: PVR Ltd