In the previous session, the Nifty index consolidated with a negative bias. The Nifty index opened on a positive note but abolished all its gain in the early trade. Market remained in a sideways zone throughout the day. No major recovery was seen from lows throughout the session. Technically, the Nifty Index formed a Bearish candle on the chart and closed with a minor loss of 74.40 points. A cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, October 27, 2022’ before the market opens.

Bharat Forge Ltd.

Looking at the technical chart, BHARAT FORG has been moving precisely with the ‘Inverted Head and Shoulder’ pattern. Now prices closed above the neckline of the pattern which confirms the trend. As per Head and Shoulder pattern theory, 65 points rally is expected from the neckline support of the right shoulder. This pattern indicates the prior uptrend will be continued for coming sessions. The Relative Strength Index (RSI) on the daily chart is 63.90; which indicates bullishness.

In short, BHARAT FORG looks to be positive for the short-term view. One can initiate a buy near current price for an upside target of 855. This outlook remains valid as long as 750 is protected on downside.