In the previous session, the market had a positive start. Soon, the Nifty index made a high near 18210 level. However, in the middle of the market the index saw range bound trade. Technically, the Nifty index formed a Doji candle on the chart and closed with a minor gain of 6.70 points. We recommend continuing to approach the markets in a stock specific way.
Look at the below research report of ‘Stocks to Buy for – Tuesday, November 16, 2021’ before the market opens.
NSE :CANFINHOME BSE :511196 Sector : Finance
In the last trading day, Stock closed with a bullish candle near 668 level. 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 5. After taking a support and bouncing off from corrective wave 4 near 614-615 levels, stock is trying to resume its up move again. 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 658-660 levels. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 720/786 level as long as we do not see any closing below 639 levels.
Check More Analysis on CANFINHOME at: Can Fin Homes Ltd