In the previous session, the market saw a positive opening in the morning and got stronger as the day progressed. The Nifty index made a day high near 17898.70 and closed with a net profit of 150.20 points. On the technical note, the index formed a strong bullish candle on the chart. The market has been showing sector and stock specific movement since the past few days. Hence, we recommend continuing to approach the markets in the same way.

Look at the below research report of ‘Stocks to Buy for Thursday, February 09,2022’ before the market opens.

Lupin Ltd

On the technical note, Lupin stock recorded a Rectangle pattern break out on the daily chart. A Rectangle pattern is when price moves between a defined support and resistance zone. After a consolidation phase, we saw a fresh buying in the stock. Since price has managed to sustain above 50 EMA which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 64, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 770 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 795/820 levels as long as we do not see any closing below 50 EMA support.

Check More Analysis on LUPIN at: Lupin Ltd