Stock name: Bharat Forge

Pattern: Breakout

Time frame: Daily

Observation: The stock has been sideways since July 2021 and has recently picked up upward momentum. The stock is 25% up in the last 20 days. The stock had been respecting a downward sloping trendline (as marked in the image below), but has recently broken out of the same and even did a re-test and has now bounced with heavy volume built-up.
However, it is important to note that there is a resistance at 850 levels (7% above the current market price). Only once it clears that, we may see some good upside momentum picking up.

You may add this to your watchlist to understand further price action.

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 result update: Himadri Speciality Chemical Ltd.:
Consolidated Revenue at 1,047 crores, up 25.5% QoQ
Consolidated PBT at 48 crores, was 3 crore loss in the previous quarter
Operating profit margin used to be a healthy margin of 23% back in 2018-19, currently at 7%.

2) Shares of Paytm plunged over 5% in today morning trade after Institutional Investor Advisory Services India (IIAS) advised shareholders to vote against the reappointment of Vijay Shekhar Sharma as its chief executive as well as against his remuneration. IIAS said Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, but these have not played out.

3) Tata Motors and SBI to offer EV inventory finance to dealers - Autocar professional.

4) The overall coal production in India has increased by 11.37% to 60.42 million ton (MT) from 54.25 MT during July 2022 as compared to July 2021. Coal based power generation has registered a growth of 4.76% in July 2022. The overall power generation in July 2022 has been 4.29% higher than in July 2021.

5) Ajanta Soya, Aptus India, Archies, Athena Global, Fiem Industries, Force Motors, GNA Axles, Hind Copper, Honeywell, Hubtown, JK Cement, Jain Irrigation, Mangalam Organics, Marksans Pharma, Rajesh Exports, Roto Pumps and Time Technoplast are amongst the companies that will be declaring their results tomorrow.