In the previous session, the market traded on a narrow range and closed the day with a net loss of 24.30 points. The Nifty index saw a mild positive opening in the morning but soon slipped into the lowest point of the day. The index witnessed a consolidation throughout the day. Technically, the Nifty index formed a small bearish candle with a small lower wick and upper wick on the chart 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, November 10, 2021’ before the market opens.

Lupin Ltd

NSE :LUPIN   BSE :500257  Sector : Pharmaceuticals

On the daily chart, we can see that Lupin stock prices have formed a ‘Falling Wedge Pattern’ and are currently placed near the Neckline resistance. The pattern occurs when the price makes Lower Highs and Lower lows formation. Confirmation was made with the help of Middle Band Bollinger. In addition, a divergence appeared between the RSI and stock prices. Stock prices are moving towards downside and making lower lows whereas the RSI is showing a higher bottom. This pattern indicates that prices continue the uptrend after the correction.

In short, Lupin looks to be at a crucial juncture but with bullish up move expectations. Positions can be created above 955 levels, which can take prices towards 980 and 1042 levels. On the other side, the level of 915 will act as key support for the stock.