In the previous session, the market opened with a deep cut. The market turned into a Black Friday due to the new covid situation. The Nifty index saw selling pressure throughout the session. There was no major recovery seen in the market. The Nifty index closed with a net loss of 509 points. Technically, the index formed a strong bearish candle on the chart. The Nifty index broke the important support of 17000 level. The overall market looks to be volatile hence a cautious and stock specific approach is advisable for the next trading day.
Look at the below research report of ‘Stocks to Buy for – Monday, November 29, 2021’ before the market opens.
NSE :LALPATHLAB BSE :539524 Sector : Healthcare
We have posted a daily chart of Lal Path labs. We can see that the price has formed a ‘Double Bottom Pattern’. It is a continuation chart pattern, in which we can see that upward price action after the formation of the two similar bottoms. As per the daily chart, a long entry signal will be triggered only above previous day’s high near 3716. Stock formed a Strong Bullish candle on the chart and closed with a net gain of 6.82%. In addition, The Relative Strength Index (RSI) on the daily chart is 53.81 and it is moving above previous high.
In short, LALPATHLAB has continued to trade in the positive zone. Now a move above previous day high above 3716 will confirm the continuation of the uptrend and open up gates for higher levels towards 3960/4370. As far as we do not see any closing below 3450 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 LALPATHLAB at: Dr Lal Pathlabs Ltd