In the previous session, the market opened with a deep cut. The Nifty index saw selling pressure throughout the session. There was no major recovery seen in the market. The index moved towards the crucial support level and closed with a net loss of 311 points.. The Nifty index has been making lower tops and lower bottoms formation. The index formed a Bearish Candle in the daily timeframe. The overall market looks to be volatile hence a highly cautious approach is advisable for the next trading session.

Look at the below research report of ‘Stocks to Buy for Tuesday, September 27, 2022’ before the market opens.

Alkem Laboratories Ltd.

In the last trading day, ALKEM LAB share prices formed a bullish candle on the chart and closed with a net gain of 1%. On the daily chart, we can see that prices have formed a ‘Double Bottom pattern’ and are currently placed near the Neckline resistance zone. 3325 level has now become an important resistance for the stock. In the previous session, stock retested the same level with positive momentum but didn’t close above the break out zone. The Relative Strength Index (RSI) on the daily chart is 55.71, indicating bullishness.

In short, the trend for ALKEM LAB looks to be positive for now. Positions can be created only above 3325 levels, which can take prices towards 3605 levels. If the price will sustain above 3605levels, then we will review this stock again.

Check More Analysis on ALKEM LAB at: Alkem Laboratories Ltd.