In the previous session, the Nifty index consolidated with a negative bias. The Nifty index opened on a positive note but abolished all its gain in the early trade. Market remained in a sideways zone throughout the day. No major recovery was seen from lows throughout the session. Technically, the Nifty Index formed a Bearish candle on the chart and closed with a net loss of 20 points. A cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Tuesday, November 15, 2022’ before the market opens.

Coforge Ltd.

As shown on the daily chart, COFORG LTD. formed a strong bullish candle in the last two sessions. Recently, the stock has decisively broken the channel Pattern and closed above the key resistance line. In Addition, stock is above the middle band Bollinger on the chart which indicates short term bullishness . Relative Strength Index (RSI) on the daily chart is 67.

In short, the trend for COFORG LTD. looks to be positive for now. One can initiate buy above previous days high near 4040 levels and add more on dips around support levels near 3815 levels which can take price towards 4500. This outlook is valid as long as we do not see any closing below Middle Band Bollinger. To avoid risk, it is best to book partial profits near 4300 levels and then trail stop to cost.

Check More Analysis on COFORG at: Coforge Ltd.