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 Engulfing candle on the chart and closed with a net loss of 62 points. A cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for Thursday, November 03, 2022’ before the market opens.

Glenmark Pharmaceuticals Ltd.

In the last trading day, GLENMARK PHARMA stock formed a bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed.’ It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting above the neckline of the pattern . Along with these stock prices are closing above the Middle Band Bollinger which indicates strength in the market.

In a Nutshell, the trend for GLENMARK looks to be positive now. A pull back can be expected near 410 levels. Use dips as a buying opportunity for a move towards 435/480 levels as long as we do not see any closing below 398 levels.

Check More Analysis on GLENMARK at: Glenmark Pharmaceuticals Ltd.