In the previous session, the market once again witnessed the corrections and ended the day with a net loss of 100.55 points. It’s been the 3rd day in a row when we have seen losses in the market. Prices have been constantly forming bearish candles and moving in lower highs and lower lows formation. Technically, the index formed a bearish candle on the chart and closed below the Middle Band Bollinger. 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 – Thursday, November 18, 2021’ before the market opens.
NSE :SANOFI BSE :500674 Sector : Pharmaceuticals
On the daily chart, we can see that SANOFI stock prices have formed a ‘Symmetrical Triangle Pattern’ and are currently placed above the resistance line. On the basis of chart reading, stock prices are moving above the Ichimoku cloud with positive momentum. We have applied Fibonacci Projection on the chart, which indicates the possible location of support and resistance levels in any continuation trend. As per the theory, Stock comfortably closed above the 100% retracement of Fibonacci levels.
In short, the trend for SANOFI looks to be positive for now. We can expect it to reach a target of 8540/9000 levels based on our analysis. Add more on dips around 8170 levels. This outlook is valid as long as we do not see any closing below 8017.
Check More Analysis on SANOFI at: Sanofi India Ltd