In the previous session, the Nifty Index made a fresh new high of 15915. Market opened on a positive note but soon slipped into a negative territory. The index continued showing its weakness throughout the day and closed with a net loss of 45.65 points. Technically, the index formed a Bearish candle on the chart. Hence, a cautious approach is advised for the day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, June 29, 2021’ before the market opens.

Cadila Healthcare Ltd

NSE :CADILAHC   BSE :532321  Sector : Pharmaceuticals

In the daily time frame, Stock prices are moving in the form of the ‘Double Bottom’ pattern. In the previous session, stock made a Bullish candle on the chart and closed with a net gain of 2.96%. The 14 days RSI is currently placed near 59.34, which indicates bullishness.

We have applied Fibonacci Projection on the chart, which indicates the possible location of support and resistance levels in any continuation trend. These levels also identify the price area where we should be on high alert for trading opportunities. As per the theory, Stock comfortably closed above the 50% retracement of Fibonacci levels.

In short, Cadila Healthcare Ltd has continued to trade in the positive zone. Prices can continue to move higher towards 670 and then 710 levels. On the downside price can take support near 618 levels.

Check More Analysis on CADILAHC at: Cadila Healthcare Ltd