In the previous session, the market witnessed volatility throughout the day due to the Union Budget. The index opened on a strong positive note. However, in the middle of the market the index saw Sharpe correction after the completion of the budget speech. Post that the Nifty index made a V shape recovery and closed with a net gain of 237 points. On a technical note, the Nifty index made a Doji candle with a long lower wick on the chart indicating indecision in the market. Hence, we recommend approaching the markets in a stock-specific way.

Look at the below research report of ‘Stocks to Buy for – Wednesday, February 02, 2022’ before the market opens.

Siemens Ltd

NSE :SIEMENS   BSE :500550  Sector : Capital Goods – Electrical Equipment

In the daily time frame, Siemens share prices are moving in a well channelized manner since long term. Stock took exact support of Channel bottom line on 25^th January. A white bullish candle appeared on the daily chart. As shown on the chart stock comfortably closed above the Ichimoku cloud indicator which indicates short term bullishness. Also, the range of RSI also seen near 60 after the consolidation period which further confirms the bullish breakout.

In short, the trend for SIEMENS looks to be positive for now. We can expect it to reach a target of 2660 levels based on our analysis. Add more on dips around 2300 levels. On the other side, the level of Parabolic SAR will act as key support for the stock.

Check More Analysis on SIEMENS at: Siemens Ltd