In the previous session, the NIFTY extended its gain in yet another day and made a fresh new high near 18350. The markets opened on a gap up note and remained in a positive territory throughout the day. Technically, the Nifty index comfortably closed above 161.8% of Fibonacci Retracement levels on the daily chart which indicates strength in the market. Hence, we recommend approaching the markets in a positive way. Use a trailing Stop loss method to protect your profit at higher levels.

Look at the below research report of ‘Stocks to Buy for – Monday, October 18, 2021’before the market opens.

Ipca Laboratories Ltd

NSE :IPCALAB   BSE :524494  Sector : Pharmaceuticals

In the last trading day, Stock closed with a bullish candle near 2422 level. 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 5. After taking a support and bouncing off from corrective wave 4 near 2257-2258 levels, stock is trying to resume its up move again. Since price has managed to sustain above 100 Days EMA which suggests positive bias for the short term.

In addition, A positive hidden divergence appeared between the RSI and stock prices. Stock prices are moving towards upside and making a higher low whereas the RSI is showing a lower bottom. This pattern indicates that prices continue the uptrend after the correction.The short-term trend for IPCALAB looks to be positive for now. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 2511/2571 level as long as we do not see any closing below 2350 levels.

Check More Analysis on IPCALAB at: Ipca Laboratories Ltd