In the previous session, the market witnessed volatility throughout the day. The Nifty index saw a gap down opening and made a low of 15687.80. Post that the Nifty index gradually recovered all its loss. Technically, the index formed a Bullish candle on the chart and closed with a net loss  of 51 points. The price action will remain volatile due to derivative monthly expiry; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, June 30, 2022’ before the market opens.

Abbott India Ltd.

NSE :ABBOTINDIA   BSE :500488  Sector : Pharmaceuticals

In the daily time frame, ABBOTINDIA share prices are moving in a well channelized manner since January 2022.In the previous sessions, stock broke the Channel resistance line. Stock formed a Symmetrical Triangle pattern inside the channel with strong bullish candle. The pattern breakout indicates that bearish advance downward is rejected by the bulls. At the same time, Parabolic dots are moving below the prices which indicates that stock is now in uptrend.

We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is near 20 which indicates that there is more room available on upside for the stock.

In short, ABBOTINDIA looks to be at a crucial juncture but with bullish up move expectations. Traders can add quantity in the portfolio at current market price, which can take prices towards the 19770 level. On the other side, the level of Channel Bottom swing low near 17337 will act as key support for the.

Check More Analysis at ABBOTINDIA: Abbott India Ltd.