In the previous session, the Nifty index consolidated with a negative bias due to uncertainty in the global market. There was no major recovery seen in the market. The index moved towards the crucial support level and closed with a net loss of 39.95 points. The index formed a Bearish Candle in the daily timeframe. The overall market looks to be volatile hence a highly cautious approach is advisable for the next trading session.

Look at the below research report of ‘Stocks to Buy for – Thursday, June 16, 2022’ before the market opens.

Alembic Pharmaceuticals Ltd.

NSE :APLLTD   BSE :533573  Sector : Pharmaceuticals

In the daily time frame, stock prices are moving in the form of a ‘Symmetrical Triangle Pattern’. Recently, stock has closed above the upper resistance line on the chart. Further breaking above previous day’s high will confirm the trend. Stock formed a bullish candle in the previous session. As seen on the chart, stock prices are moving above the 9 days EMA support which is a sign of bullishness for the coming session. In addition, prices are entering in the Ichimoku Cloud zone which indicates that there is more room available on the upside.

In short, the trend for stock looks to be positive for now. Positions can be created only above previous day’s high 740 levels, which can take prices towards 750/760 levels. As far as we do not see any closing below 715 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.

Check More Analysis at APLLTD: Alembic Pharmaceuticals Ltd.