In the previous session, The Nifty index opened on a positive note but soon slipped into a negative territory. However the Index recovered near 250 points from its lows as the day progressed. Post that market witnessed range bound trade and the index closed with a flat note of +10 points. Technically, the Nifty index took an exact support of 17950 levels and also formed a Hammer candle at the bottom. This could be a trend reversal or minor positive for the market. The overall market looks to be volatile hence a cautious approach is advisable for the next trading day.

Look at the below research report of Stocks to Buy for – Tuesday, October 26, 2021’before the market opens.

Siemens Ltd

NSE :SIEMENS   BSE :500550  Sector : Capital Goods – Electrical Equipment

In the daily time frame, Siemens share prices are moving in a well channelized manner since February 2021.In the last trading session, stock took exact support of Channel bottom line. Stock formed a Hammer candle with long lower shadow at the bottom of downtrend which indicates that bearish advance downward is rejected by the bulls. 100 EMA support is acting very well for the stock. At the same time ADX indicator is near to 20 value, also +DI is moving above –DI indicating that positive momentum is about to come.

In short, SIEMENS looks to be at a crucial juncture but with bullish up move expecting. Traders can add quantity in the portfolio once a positive candle occurs. Positions can be created above previous day’s high near 2195 levels, which can take prices towards 2320 and 2450 levels. On the other side, the level of Channel Bottom line will act as key support for the stock.

Check More Analysis on SIEMENS at: Siemens Ltd