In the previous session, the Nifty index saw a negative opening in the morning due to global weakness and soon slipped into the lowest point of the day. However, the Index recovered some losses in the very first hour. Later, the market witnessed selling pressure again. The overall market witnessed correction and the Nifty index closed with a net loss of 216 points. Technically the Nifty index formed a Hammer candle on the chart which indicates indecision in the market. Hence, A cautious approach is advised for the next trading day.

 Look at the below research report of ‘Stocks to Buy for Friday, September 02, 2022’before the market opens.

Tata Consumer Products Ltd.

On the daily chart, we can see that TATACONSUME stock prices have formed a ‘Cup and Handle pattern’ and are currently placed above the Neckline resistance of the handle. It is a continuation pattern which is formed when there is a prior uptrend, followed by a consolidation zone. As per pattern theory, 100 points movement on upside can be expected in coming days. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes. The Relative Strength Index (RSI) on the daily chart is 64.

As the chart looks attractive, one can initiate buy and accumulate this stock above 818-820. We can expect it to reach a target of 920 levels based on our analysis. This outlook is valid as long as we do not see any closing below Parabolic SAR support.

Check More Analysis on TATACONSUME at: Tata Consumer Products Ltd