In the previous session, The Nifty index saw a positive opening in the morning and traded in the range bound in the first few trading hours. However, in the second half we saw profit booking in the market. The Index formed a bearish candle on the chart and closed with a net loss of 78 points. In technical parameters, the index closed below Middle Band Bollinger on the daily chart which indicates more weakness. The market looks to be volatile in the coming session. Hence a cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Wednesday, July 28, 2021’ before the market opens.

Graphite India Ltd

NSE :GRAPHITE   BSE :509488  Sector : Capital Goods-Non Electrical Equipment

Graphite India Ltd. stock prices are moving in the form of ‘Ascending Triangle Pattern’ in an ongoing trend. The ascending triangle is a bullish continuation pattern and consists of a rising lower trendline and a flat upper trendline which acts as resistance. The higher lows formation shows that the buying pressure has increased. In the previous session, stock has given a breakout from the upper resistance line on the daily chart.

Prices are comfortably close above the Ichimoku cloud which suggest a bullish trend is intact and we can expect upside momentum to continue from support levels. The 20 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 59.12 which indicates bullishness.

In short, the trend for Graphite India Ltd looks to be positive now. A throwback can be expected near 680 levels. Use dips as a buying opportunity for a move towards 794 levels as long as we do not see any closing below 650 levels.

Check More Analysis on GRAPHITE at: Graphite India Ltd