In the previous session, the market witnessed volatility throughout the day. The Nifty Index saw a negative opening in the morning session. Index is moving in lower highs and lower lows formation from past three days. In the prevision session, the index formed a Doji Candle on the daily chart and closed with a net loss of 88 points. The price action will remain volatile; hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Friday, September 23, 2022’ before the market opens.

Torrent Pharmaceuticals Ltd

In the daily time frame, TORNTPHARMA share prices are moving in the form of Impulse wave pattern. As per Elliott wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of wave 3. At that point stock is expected to resume its upside gain. As per candle technique, A strong bullish candle appeared on the daily chart. We have plotted Parabolic SAR on the chart. The Parabolic dots are moving below the prices which indicates that stock is now in uptrend. This indicator is most useful in terms of Entry and Exit levels in any stocks for trading purposes.

As the chart looks attractive, one can initiate buy and accumulate this stock near current levels. Add more on dips around 1530 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 1580/1626 level as long as we do not see any closing below 1496 levels.

Check More Analysis on TORNTPHARMA at: Torrent Pharmaceuticals Ltd