In the previous session, the market gave up all intraday gains in the last trading hour. The Nifty Index saw a gap up opening in the morning session and made high near 16025. However, in the middle of the market the index saw corrections from higher levels. We have seen a strong selling pressure in the market in the last hour. Technically the Nifty Index formed a bearish candle on the chart and closed with a net loss of 24.50. Market looks volatile in the coming sessions, hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, July 06, 2022’ before the market opens.

Piramal Enterprises Ltd.

NSE :PEL   BSE :500302  Sector : Pharmaceuticals

In the daily time frame, Stock is moving in the form of a ‘Symmetrical Triangle Pattern’. Recently, stock has given a breakout from the upper resistance line on the chart. Stock formed a Doji candle on the chart in the previous session but somehow managed to close above the neckline of the pattern. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. The Relative Strength Index (RSI) on the daily chart is 47 indicating there is more room available on upside.

In short, the trend for Piramal Enterprises Ltd. looks to be positive now. Use dips as a buying opportunity for a move towards 1840 levels as long as we do not see any closing below 1650 levels.

Check More Analysis at PEL: Piramal Enterprises Ltd.