In the previous session, Nifty Index closed with a minor loss of 8.05 points. It’s been a 3^rd day in a row when we have seen corrections in the market. Prices have been constantly forming bearish candles and moving in lower highs and lower lows formation. If we look from an immediate short-term angle, the NIFTY index will not have any sustainable up move unless the level of previous day’s high is taken out. Hence, a cautious approach is advised for the day.

Look at the below research report of ‘Stocks to Buy for – Monday, June 21, 2021’ before the market opens.

Dixon Technologies (India) Ltd

NSE :DIXON   BSE :540699  Sector : Consumer Durables

Dixon Technologies made a new high near 4480 in the last trading session. As shown on the daily chart, Price gave a break out of its ‘Ascending Triangle Pattern’ which is a sign of positive momentum in coming sessions. It is a bullish continuation pattern which usually forms in an uptrend. Prices are moving higher as the higher lows are formed moving towards the resistance line.

Stock is now quoting above its important resistance levels and further break of its previous day high might push the prices towards upside. The daily MACD is still bullish and above its signal line. The 50 day Moving average is acting very well on the stock.

In short, the trend for Dixon Technology seems to be bullish for the short term. As per Fibonacci projection, a break above 4480 levels will indicate more strength towards 4580 and then 4630 levels as long as we do not see any closing below 20 DMA support.

Check More Analysis on Dixon Technology at: Dixon Technologies (India) Ltd