In the previous session, the NIFTY extended its gain in yet another day and made a high near 17827.60. The markets opened on a gap up note and remained in a positive territory throughout the day. Technically, the Nifty index formed a bullish candle on the chart and closed with a net gain of 179.55 points. 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 – Wednesday, January 05, 2022’ before the market opens.

Alembic Pharmaceuticals Ltd

NSE :APLLTD   BSE :533573  Sector : Pharmaceuticals

We have posted a daily chart of Alembic Pharmaceuticals Ltd.  In the chart, we can see that the price has given a breakout above ‘Double Bottom Pattern’. As per the daily chart, a long entry signal was triggered in the previous session. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 4.12%. Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. In addition, the Relative Strength Index (RSI) on the daily chart is 65 which indicates bullishness.

In short, one can initiate buy at current price and add more on dips around support levels near 828 levels. We can expect it to reach a target of 888 levels. This outlook is valid as long as we do not see any closing below 779 level.

Check More Analysis on APLLTD at: Alembic Pharmaceuticals Ltd