In the previous session, The Nifty index saw a mild positive opening in the morning but soon slipped into the lowest point of the day. We have noticed some recovery in the first half of the market. Post that market witnessed selling pressure again due to global weakness and the Nifty index closed with a net loss of 176.30. Technically, Index formed a bearish Engulfing candle on the chart. However, it managed to close above Middle band Bollinger support which indicates indecision in the market. Hence a cautious and stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, October 07, 2021’ before the market opens.

Coromandel International Ltd

NSE :COROMANDEL   BSE :506395  Sector : Fertilizers

COROMANDEL Ltd. stock prices are moving in the form of ‘Double Bottom Pattern’ in an ongoing trend. In the previous session, stock has given a breakout from the upper resistance line on the daily chart. The higher highs and higher lows formation show that the buying pressure has increased.

Prices are comfortably close near the Ichimoku cloud which suggest a bullish trend is intact and we can expect upside momentum to continue from support levels. The 200 EMA days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 65.15 which indicates bullishness.

In short, the Medium to long-term trend for COROMANDEL looks to be positive now. A throwback can be expected near 845 levels. Use dips as a buying opportunity for a move towards 884/947 levels as long as we do not see any closing below 799 levels.

Check More Analysis on COROMANDEL at: Coromandel International Ltd