In the previous session, the market saw profit booking at higher levels. The Nifty index opened on a positive note but abolished all its gain in the last hour of the market. The Index formed a bearish candle on the chart and closed with a net loss of 26.95 points. Technically, If the market is not sustainable at higher levels, then it’s a sign of more weakness. Hence, a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, July 01, 2021’ before the market opens.

Pfizer Ltd

NSE :PFIZER   BSE :500680  Sector : Pharmaceuticals

On the daily chart, we can see that prices have formed a ‘Rounding Bottom pattern’ and are currently placed near the Neckline resistance zone. It is also called a ‘Saucer pattern’ and represents a long consolidation period that turns from a bearish bias to a bullish.

Pfizer Stock was facing multiple hurdles near 5680-5690 levels for the past few weeks. Stock made a new high near 5740 levels on 29th June but closed below the resistance zone.Now this level has become a temporally immediate resistance for the stock. Now it is important to see if price sustains above the same in the coming session which would further validate the emerging trend on the upside.

In addition, we can see that the ADX indicator is Bullish as positive DI is moving above negative DI on the chart. The Relative Strength Index (RSI) on the daily chart is 66.30, which indicates that stock still has more room on upside.

In short, PFIZER will remain in the positive zone. A break above 5740 can take price towards 6550 levels as long as 5460 remains intact on downside.

Check More Analysis on PFIZER at: Pfizer Ltd