In the previous session, the market once again witnessed the consolidation phase and ended the day with net loss of 56.40 points. The Nifty index opened positive but soon slipped into negative territory. In the rest of the session, Index saw a range bound trade. Technically, The Nifty Index formed a Bearish candle on the chart which indicates a flat or minor negative opening for the next day. We recommend approaching the markets in a positive way. Use every dip as a buying opportunity to further up move.

Look at the below research report of ‘Stocks to Buy for – Monday, August 09, 2021’ the market opens.

Tata Consumer Products Ltd

NSE :TATACONSUM   BSE :500800  Sector : Plantation & Plantation Products

In the last trading day, TATACONSUM share prices ( cmp :781.35) formed a bullish candle on the chart and closed with a net gain of 1.69%. As per wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 3. After reaching its 161.8% of Fibonacci levels near 745, stock witnessed a rand bound trade between 745-790 levels in stock.

Stock is facing hurdles near 786-790 levels from the past few days. We have not seen any closing above this zone since July 2021. Hence these levels have now become an important resistance for the stock. In the previous session, Stock broke this level but failed to hold its strength. Any closing above these levels will be the indication of upside momentum. Since price has managed to sustain above Middle Band Bollinger which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 62.59, which indicates bullishness.

As the chart looks attractive, one can initiate buy and accumulate this stock above 790 If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 828/870 levels as long as we do not see any closing below 745 levels.

Check More Analysis on TATACONSUM at: Tata Consumer Products Ltd