In the previous session, the market witnessed consolidation throughout the session. The Nifty Index saw a negative opening in the morning session. The index rebounded at an important support level and recovered from its losses as the day progressed. Later we saw consolidation near higher levels. The Index formed a Bullish Candle on the daily chart and closed with a net profit of 83.30 points. Traders should be focused on Sector and stock specific strategy for the next trading day.

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

Grasim Industries Ltd

On the last trading day, stock formed a bullish candle on the chart. We can see the ‘Rounding Bottom Pattern’ has formed near the bottom level. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Stock is now quoting above the neckline of the pattern in the 4 Hour chart. The Relative Strength Index (RSI) on the hourly chart is 47.79 and it is moving above previous high.

In short, the trend for GRASIM looks to be positive for the short trend. Positions can be created only above 1360 levels, which can take prices towards 1407/1488 levels. This outlook is valid as long as we do not see any closing below 1278 level. If the price will sustain above 1488 levels, then we will review this stock again.

Check More Analysis on at GRASIM: Grasim Industries Ltd