In the previous session, the Nifty index saw a mild positive opening in the morning but soon slipped into the lowest point of the day. However, the Index recovered near 150 points from its lows as the day progressed. Post that market witnessed range bound trade and the index closed with a net gain of 47 points. Technically, the Nifty index formed a Doji candle with a long lower wick on the chart which indicates indecision in the market. Traders should be focused on ‘buy on dips’ strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Friday, December 10, 2021’ before the market opens.

Siemens Ltd

On the daily chart, we can see that Siemens Ltd. stock prices have formed a ‘Mega Phone Pattern’ and are currently placed near the middle of the pattern. The formation consists of minimum two higher highs and two lower lows. Also, Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. As per candle technique, A bullish candle appeared on the daily chart. All these technical parameters indicate that price can move upside towards Megaphone pattern resistance level.

In short, SIEMENS looks to be at a support level with bullish up move expectations. A throwback can be expected near 2240 level. Use dips as a buying opportunity for a move towards 2440 levels as long as 2170 levels hold on the downside.

Check More Analysis on SIEMENS at: Siemens Ltd