Bharat Dynamics | Cup and Handle Breakout | Latest stock market news

(3 minutes read)

Stock name: Bharat Dynamics

Pattern: Cup and Handle Breakout

Time frame: Daily

Observation:
The stock is in a very strong up-trend and has made a Cup and Handle pattern and has broken out of the same. Once the stock breaks out of such a pattern, it covers the distance equalling the difference between the neckline and the bottom of the Cup. The volumes for the breakout are also very good.

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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) Ujjivan Small Finance Bank on Thursday closed the qualified institutional placement through which it raised Rs 475 crore by issuing over 22.6 crore shares. The SFB issued a total of 22,61,90,476 equity shares at an issue price of Rs. 21 per piece.

2) The 26th Meeting of the Financial Stability and Development Council (FSDC) was chaired by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Mumbai yesterday. The Council, inter alia, deliberated on the Early Warning Indicators for the economy. It was noted that there is a need to monitor the financial sector risks, the financial conditions and market developments on a continuous basis by the Government and the regulators so that appropriate and timely action can be taken so as to mitigate any vulnerability and strengthen financial stability.

3) Vedanta shares plumbed as much as 8.7% in morning trade on the National Stock Exchange after the company clarified that its “ultimate holding company" Volcan Investments would undertake the business of manufacturing semi-conductors and not Vedanta as was reported in sections of the media.