In the previous session, the Nifty index opened on a flat note but immediately abolished all its gain. The index slipped in sharply and went below the key support levels. No major recovery was seen from lows throughout the session. Technically, the Nifty index formed a bearish candle on the daily chart and closed below the Middle band Bollinger. Hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Friday, February 04, 2022’ before the market opens.

Granules India Ltd

NSE :GRANULES   BSE :532482  Sector : Pharmaceuticals

In the last trading session, stock made a Bullish candle on the chart and closed with a gain of 1%. Previously, stock was moving in the form of Higher Highs and Higher Lows pattern on the chart. The pattern found at the support area indicates a potential in the stock. Stock took the break out of Middle band Bollinger which is a sign of bullishness for the coming session. The Relative Strength Index (RSI) on the daily chart is 52.75, showing positive divergence against the price.

In short, Granules looks to be positive for the short-term view. As per Fibonacci Projection, We can expect it to reach a target of 335/362 levels which is 61.8% and 100% of Fibonacci levels. This outlook is valid as long as we do not see any closing below the 307 level.

Check More Analysis on GRANULES at: Granules India Ltd