In the previous session, the market opened on a strong positive note and remained in a positive territory throughout the day. The Nifty index made a day high near 17251 and closed with a net profit of 264.45 points. Technically, the index formed a promising bullish candle on the chart ahead of RBI monetary policy. We recommend approaching the markets in a positive way. Traders should be focused on Sector and stock specific strategy for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, December 08, 2021’ before the market opens.

Cummins India Ltd

NSE :CUMMINSIND   BSE :500480  Sector : Capital Goods-Non Electrical Equipment

CUMMINSIND Ltd. stock prices are moving in the form of ‘Double Bottom Pattern’ in an ongoing trend. In the previous session, stock has given a breakout from the upper resistance line on the daily chart. A strong bullish candle shows that the buying pressure has increased.

In addition, a divergence appeared between the RSI and stock prices. RSI is showing negative divergence against the price. It occurs when prices move downward and makes a lower low while the RSI shows a higher bottom. This pattern mostly indicates that prices continue the uptrend after the correction.

In short, Cummins India has continued to trade in the positive zone. Now a move above 953 will confirm the uptrend and open up gates for higher levels towards 984. As far as we do not see any closing below 923 on the lower side.

Check More Analysis on CUMMINSIND at: Cummins India Ltd