In the previous session, Markets opened on flat note but a sharp sell-off was seen in the very first hour of the market. However, in the rest of the session index recovered gradually from intraday lows near 15606.50 levels and closed the day with a flat note gained 12.50 points. The Nifty index formed a Hanging Man candle pattern on the chart which indicates that traders should be cautious in the market. Hence stock specific approach is advisable for the coming session.

Look at the below research report of ‘Stocks to Buy for – Tuesday, June 15, 2021’ before the market opens.

Power Grid Corporation of India Ltd

NSE :POWERGRID   BSE :532898  Sector : Power Generation & Distribution

Looking at the technical chart, Power Grid has been moving precisely with the ‘Inverted Head and Shoulder’ pattern. Now prices closed above the neckline of the pattern which confirms the trend. As per Head and Shoulder pattern theory,28 points rally is expected from the neckline support of the right shoulder. As seen on the ADX indicator, +DI is above –DI and ADX value is near 30 which indicates positive momentum in the trend. Along with this, the daily MACD is bullish and it is trading above the signal line.

In short, Power Grid looks to be positive for the short-term view. One can initiate a buy near current price for an upside target of 260-270. This outlook remains valid as long as 238 is protected on downside.

Check More Analysis on POWERGRID at: Power Grid Corporation of India Ltd

Dr Reddys Laboratories Ltd

NSE :DRREDDY   BSE :500124  Sector : Pharmaceuticals

In the daily chart, DRREDDY is moving in ‘V-Bottom’ formation. Stock has finally given breakout over its consolidation phase. Along with this we can see stock has formed a bullish continuation pattern called ‘Flag Pattern’. This pattern indicates the prior uptrend will be continued for coming sessions. The Relative Strength Index (RSI) on the daily chart is 66.26; which indicates bullishness.

The overall outlook for DRREDDY will remain Positive. Move towards 5700 or higher can be seen as long as 5288 remains intact on downside. A throwback can be expected near 5380 levels.

Check More Analysis on DRREDDY at: Dr Reddys Laboratories Ltd