In the previous session, the Nifty index saw a positive opening and made a high near 17490 levels. The Index slipped into negative territory. Till the middle of the session, the index saw more selling pressure. Later we have seen a remarkable recovery in both indices. On the technical note, the index formed a bullish candle on the chart. Market looks to be volatile due to monetary policy tomorrow, hence a cautious approach is advised for the next trading session.
Look at the below research report of ‘Stocks to Buy for –Friday, August 05, 2022’ before the market opens.
NSE :IPCALAB BSE :524494 Sector : Pharmaceuticals
In the daily time frame, stock is moving in the form of an ‘Inverted Head & shoulder’ pattern. The right shoulder completed near 1020 level. Recently, stock has given a breakout from the neckline of the pattern. Stock formed a strong bullish candle in the previous session. The 200 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 65.59 indicating strength in the stock.
In a Nutshell, the trend for IPCALAB looks to be positive now. Now a move above previous day’s high near 1028 will confirm the continuation of the uptrend and open up gates for higher levels towards 1080/1096 levels. As far as we do not see any closing below 970 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.
Check More Analysis on IPCALAB at: Ipca Laboratories Ltd