In the previous session, the Nifty index opened on a strong positive note and marked a high near 17954 levels. The market saw a gap up opening in the morning session and remained in a positive but sideways zone. Later we have seen strong buying interest in the Nifty Index. Technically, the index formed a Bullish candle on the chart and closed with a net gain of 258 points. The price action will remain volatile, hence a stock specific approach is advisable for the next trading day.

Look at the below research report of Stocks to ‘Tuesday, November 02, 2021’ before the market opens.

Bharat Forge Ltd

We have posted a daily chart of Bharat Forge Ltd. In the chart, we can see that the price has given a breakout above ‘Bullish Diamond Pattern’. It is a reversal chart pattern, in which we can see that up-down price action in the form of Diamond. As per the daily chart, a long entry signal was triggered in the previous session. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 3.16%.

 Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. The 100 EMA days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 55.36 which indicates bullishness.

In short, the trend for Bharat Forge looks to be positive. A throwback can be expected near 780 levels. Use dips as a buying opportunity for a move towards 818/840 levels as long as 756 levels hold on the downside.

Check More Analysis on BHARATFORG at: Bharat Forge Ltd