In the previous session, the Nifty index opened on a positive note and marked a high near 17400 levels. The market saw a gap up opening in the morning session and remained in a positive but sideways zone throughout the day. Technically, the Nifty index formed a Bullish candle on the chart and closed with a net gain of 150 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 – Monday 03, January, 2022’ before the market opens.

Torrent Pharmaceuticals Ltd

NSE :TORNTPHARM   BSE :500420  Sector : Pharmaceuticals

On the daily chart, we can see that Stock prices have formed a ‘Rounding Bottom pattern’. In the previous session, stock retested the higher level and closed above the neckline of the pattern with a bullish candle. The Rounding bottom, also called a Saucer pattern, appears as a ‘U’ formation on the chart. It signals the end of a downtrend and the possible start of an uptrend. The Relative Strength Index (RSI) on the daily chart is 67.39; which indicates bullishness.

In short, TORNTPHARM has continued to trade in the positive zone. Now a move above previous day high above 3300 will confirm the continuation of the uptrend and open up gates for higher levels towards 3568. As far as we do not see any closing below 3050 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 TORNTPHARM at: Torrent Pharmaceuticals Ltd