In the previous session, The Nifty index saw a positive opening in the morning and traded in the range bound throughout the day with positive bias. However, in the second half we saw some corrections from day high. Technically, the index formed a bearish candle on the chart and closed with a minor loss of 8.20 points. The market looks to be volatile in the coming session due to the coming budget session. Hence, we recommend approaching the markets in a positive way. Use dip as a buying opportunity to accumulate quality stocks.

Look at the below Technical research report of ‘Stocks to Buy for – Monday, January 31, 2022’ before the Union Budget 2022.

Exide Industries Ltd

NSE :EXIDEIND   BSE :500086  Sector : Auto Ancillaries

On the daily technical chart, V- bottom price pattern has formed. Prices closed above 170 which confirms the breakout of the pattern. Positive bias was made with the help of 20 EMA support. In short, the trend for this stock is positive. Use dips towards 170 as a buying opportunity for a move towards 185 levels as long as 161 level holds on the downside.

Check More Analysis on EXIDIND at: Exide Industries Ltd

Deepak Fertilizers & Petrochemicals Corp Ltd

NSE :DEEPAKFERT   BSE :500645  Sector : Chemicals

As per technical chart, in the previous session stock prices formed a bullish candle. Stock has been moving in the form of higher highs and higher lows formation from the last three days with strong uptrends and are considered good continuation patterns. The ADX of this stock is 46.07 giving an indication of a trending market. We can expect it to reach a target of 668 levels based on our analysis. Stock can take support near 470 levels.

Check More Analysis on DEEPAKFERT at: Deepak Fertilizers & Petrochemicals Corp Ltd

Larsen & Toubro Ltd

NSE :LT   BSE :500510  Sector : Infrastructure Developers & Operators

On the daily time frame, L&T share prices are moving above a strong support line. Stock prices took exact support of the Ichimoku cloud indicator with positive momentum. As the chart looks attractive, one can initiate buy and accumulate this stock near current levels for an upside target of 2130 levels. This outlook is valid as long as we do not see any closing inside the Ichimoku cloud.

Check More Analysis on LT at: Larsen & Toubro Ltd

Tata Motors Ltd

NSE :TATAMOTORS   BSE :500570  Sector : Automobile

On the technical front, stock is trading near an important support level. Stock prices are moving in sync with 5O EMA support which indicates bullishness. The Relative Strength Index (RSI) on the daily chart is 50.92. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 528/565 levels as long as we do not see any closing below 467 levels.

Check More Analysis on TATAMOTORS at: Tata Motors Ltd