In the previous session, the Nifty index consolidated with a negative bias throughout the day. Due to global weakness the Nifty index saw a gap down opening in the morning.  Later we have seen some recovery in the Index. Market remained in a sideways zone throughout the day. Technically, the Nifty index formed a Bullish candle on the chart and closed with a minor loss of 33.45 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 Buy for – Wednesday, May 04, 2022’ before the market opens.

Coromandel International Ltd

NSE :COROMANDEL   BSE :506395  Sector : Fertilizers

In the last trading day, stock formed a bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed.’ It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting above the neckline of the pattern and further break above 921 level might push the prices towards upside. Along with these Band Bollinger is acting very well on the stock.

In short, COROMANDAL has continued to trade in the positive zone. Now a move above 921 will confirm the uptrend and open up gates for higher levels towards 998. As far as 865 remains intact on the lower side.

Check More Analysis on COROMANDEL at: Coromandel International Ltd