In the previous session, the market opened on a higher note and the Nifty index made a high of 16748 level. Following a strong gap up opening, the index traded in a range bound zone and closed with a net profit of 410.45 points. Strong bullish candle was formed on the daily chart. Due to global geopolitical tension, we recommend continuing to approach the markets in a highly stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Monday, February 28, 2022’ before the market opens.

Cummins India Ltd

NSE :CUMMINSIND   BSE :500480  Sector : Capital Goods-Non Electrical Equipment

The pattern analysis shows that the CUMMINSIND has once again attempted to resume its up move and closed near the Ichimoku cloud with positive momentum. Along with this the formation of Base line and Conversion line crossover confirm the bullish trend on daily charts. After seeing a correction in the market, prices managed to close above 100 EMA support which indicates bullishness. The Relative Strength Index (RSI) on the daily chart is 52.85.

In short, Cummins India seems to be in the final stages of downside correction.  A break above previous day high near 964 can take prices higher towards 996 and then 1055 levels. For the near term, the zone of 919 has now become a temporary immediate support for the stock.

Check More Analysis on CUMMINSIND at: Cummins India Ltd