In the previous session, the Nifty index consolidated with a positive bias throughout the day. The Nifty index saw a flat opening and made a high near 18678. The index got stronger as the day progressed and closed with a net gain of 55 points. The Nifty formed a strong bullish candle on the daily chart. Hence, we recommend approaching the markets in a positive way. Use a trailing Stop loss method to protect your profit at higher levels.

Look at the below research report of ‘Stocks to Buy for Tuesday, November 30, 2022’ before the market opens.

Cipla Ltd.

In the daily time frame, CIPLA LTD 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 strong bullish candle appeared on the daily chart. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 1105 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 1155/1193 level as long as we do not see any closing below 1080 levels.

Check More Analysis on CIPLA at: Cipla Ltd.