In the previous session, Market failed to sustain its gain and closed with a net loss of 45.75 points. The Nifty Index opened on a strong positive note and made a new high near 16701 level. However, in the second half the index slipped into a negative zone. Technically, the index formed a Bearish candle at higher levels which indicates more weakness in the market. Hence, we recommend approaching the markets in a stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Friday, August 20, 2021’ before the market opens.

Navin Fluorine International Limited

NSE :NAVINFLUOR   BSE :532504  Sector : Chemicals

On the basis of chart reading, stock prices are moving above 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. The important thing to witness is that previously stock took the same support of ichimoku cloud on 21^st June 2021 and after that we have seen almost 700 points upside rally in the stock. Now again the cloud would act as perfect support and we could see movement in upward direction.

In addition, Stock is comfortably closed above the Middle Band Bollinger level which will act as a key support for the stock. The Relative Strength Index (RSI) on the daily chart is 58.84, which indicates bullishness.

In short, NAVINFLUOR looks to be positive now. Break above previous day’s high 3750 levels will confirm the trend and could take prices towards 3800-4015 levels. This outlook is valid as long as we do not see any closing inside the Ichimoku cloud.

Check More Analysis on NAVINFLUOR at: Navin Fluorine International Limited