Apollo Hospitals | Trading in a narrow Fibonacci range | Latest stock market news(3 minutes read)

Stock name: Apollo Hospitals

Pattern: Trading in a narrow Fibonacci range

Time frame: Weekly

Observation: The stock has been in an uptrend since Covid fall and had made a top in November 2021. The stock started retracing / falling afterwards and is currently trading in a very narrow range of Fibonacci. We can see a buying interest in the stock at 3500 levels, being the 50% retracement of the upmove. If the stock breaks any of the level (3500 on the downside and 4100 on the upside), it can continue in the same direction.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q1 FY23 update: Mindtree saw its highest-ever order book of $570 million during the quarter. With revenues of $399.3 million, up 5.5% sequentially in constant currency on the back of a healthy demand for digital capabilities, this was their sixth consecutive quarter of more than 5% revenue growth in constant currency. PAT is flat on QoQ basis and 37.6% up on YoY basis.

2) Shares of TCS started trading ex-dividend today. It had declared a dividend of 8 Rs. per share.

3) Vedanta group firm Hindustan Zinc informed the exchanges that the company will pay an interim dividend of 21 Rs. per equity share. The company said that the dividend payout would lead to an outflow of Rs. 8,873 crores. The record date for payment of the dividend would be 21 July.

4) INR edges closer to 80 per US dollar, hits record low for 4th straight day.

5) Federal Bank, Jindal Steel, Justdial, Kesoram Industries, L&T Technology, Oberoi Realty are amongst the companies that will declare their Q1 results tomorrow.