In the previous session, the Nifty index opened on a gap up note and made a high near 17287 level. Later we saw consolidation on the higher side throughout the day. The Index formed a Bullish Candle on the daily chart and closed with a net gain of 386.95 points. Due to uncertainty in global market, a cautious approach is advisable for tomorrow.

Look at the below research report of ‘Stocks to Buy for Thursday, October 06, 2022’ before the market opens.

Cummins India Ltd

In the daily time frame, CUMMINSIND share prices are moving in the form of Impulse wave pattern. As per Elliott 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. At that point stock is expected to resume its upside gain. As per candle technique, A bullish candle appeared on the daily chart. We have plotted Band Bollinger on the chart. Stock prices are moving near Middle Band Bollinger indicates accumulation in the stock.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 1208 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 1260 level as long as we do not see any closing below 1170 levels.

Check More Analysis on CUMMINSIND at: Cummins India Ltd