In the previous session, the Nifty index opened a gap up but soon slipped into a negative territory. Post that the Nifty index gradually recovered all its losses. At the end of the session, the index saw again selling pressure. As per the candle chart technique, the index formed a Bearish candle on the chart and closed on a flat note.

 Look at the below research report of ‘Stocks to Buy for Monday, September 05, 2022’ before the market opens.

Welspun Corp Ltd

WELCORP stock prices are moving in the form of ‘Ascending Triangle Pattern’ in an ongoing trend. The ascending triangle is a bullish continuation pattern and consists of a rising lower trend line and a flat upper trend line which acts as resistance. The higher lows formation shows that the buying pressure has increased. In the previous session, stock has given a breakout from the upper resistance line on the daily chart.

We have shown an ADX indicator which indicates a potential in stock. As seen on the chart, +DI is above –DI and ADX value is 25 which indicates that there is more room available on upside for the stock

In addition, the Relative Strength Index (RSI) on the daily chart is 63 which indicates bullishness. In short, the trend for WELCORP looks to be positive now. A throwback can be expected near 235-237 levels. Use dips as a buying opportunity for a move towards 255/270 levels as long as we do not see any closing below 216 levels.

Check More Analysis on WELCORP at: Welspun Corp Ltd