In the previous session, the Nifty Index has once again attempted to test near its key resistance level. The index saw a positive opening in the morning and traded in the range bound. However, in the last hour the Nifty slipped into negative territory. The Index formed a bearish candle on the chart and closed with a minor loss of 15.40 points. Hence, we recommend continuing to approach the markets in a stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Monday, August 02, 2021’ before the market opens.

Voltas Ltd

NSE :VOLTAS   BSE :500575  Sector : Consumer Durables

 In the last trading day, stock formed a strong bullish candle on the daily chart. We can see the ‘Triple Bottom Pattern’ has formed.’ It is a bullish reversal pattern, which is characterised by three equal lows followed by a breakout above the resistance line. Stock is now quoting near the neckline of the pattern and further break of its previous day high might push the prices towards upside. A break above 1065 which confirms breakout of Triple bottom pattern.

In addition, stock prices have bounced off from the Middle Band Bollinger and closed near the upper bands which shows the strength in upward momentum. Confirmation was made with the help of 100 EMA support. The Relative Strength Index (RSI) on the daily chart is 59.79.

In short, VOLTAS has continued to trade in the positive zone. Now a move above 1065 will confirm the uptrend and open up gates for higher levels towards 1097/1125. As far as 1033 remains intact on the lower side.

Check More Analysis on VOLTAS at: Voltas Ltd