In the previous session, the market witnessed volatility throughout the day. The market opened on a positive note but soon abolished all its gains. Post that the Nifty index gradually recovered all its loss. However, in the last half the index again slipped into a negative zone and managed to close at flat note. As per the candle chart technique, the index formed a Doji candle at higher level on the chart which indicates indecision in the market.

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

Granules India Ltd

In the last trading day, stock formed a strong bullish candle on the daily chart and closed with a net gain of 2.46%. On the technical perspective, stock formed a ‘Double Bottom Pattern’ on the chart. The pattern target was achieved near 310 level. After that we have seen consolidation in the stock between 310-312 ranges. Currently stock is moving higher above consolidation zone and also above a trend line support which indicates that it has more room available on the upside

In short, GRANULES has continued to trade in the positive zone. Now a move above previous day’s high near 313 will confirm the continuation of the uptrend and open up gates for higher levels towards 325/344 levels. As far as we do not see any closing below 298 on the lower side. As the market looks to be volatile, use a trailing stop loss method to protect your profit.