Stock name: BHEL

Pattern: Double Bottom pattern

Time frame: Daily

Observation:

After a ferocious rally, the stock had started to correct and in the same correction, it has now made a double bottom pattern and has given a breakout of the same. The double bottom pattern is a bullish reversal pattern.

Once the neckline of such a pattern gets broken, the stock usually travels a distance equal to the distance between the neckline and bottoms.

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Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before making any financial decision.

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1) Q4 result update: Mold Tek Technologies (Standalone)
Revenue at 38.9 crores, up ~49% YoY
Net profit at 10.06 crores, up ~115% YoY

2) NIIT announces partnership for green energy skills with EIT Innoenergy Skills Institute.

3) Shares of Manappuram Finance Ltd. slumped over 9% today following reports that the ED had conducted searches at its premises: Mint

4) Adani Enterprises, Blue Star, Bombay Dyeing, Ceat, Dabur India, Filatex, HDFC, Hero Motocorp, IDFC, Mindspace REIT, Tata Power, TVS motors, UBL, Vinyl chemicals are amongst the companies which will post their quarterly results tomorrow.