BHEL | Near Breakout level | Latest stock market news(3 minutes read)

Stock name: BHEL

Pattern: Near Breakout level

Time frame: Weekly

Observation:
The stock has been consolidating for about 1.5 years and is currently trading very close to the range resistance. Once the stock crosses this level (80) with good volumes and sustains above it for a few days, we can see some good up-move in this stock.

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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) Hi-Tech Pipes announced fundraising via the issuance of warrants and equity shares on a preferential basis on Thursday. The company’s board has approved 57 lakh full convertible equity warrants at an issue price of Rs. 692 per warrant. Each of these warrants can be converted into one equity share if the owner exercises the right for the same.

2) The total coal production in the country stands at 448 Million Tonnes (MT) as of October 2022, which is 18% higher than the production of the corresponding period of last year. The Ministry of Coal is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November 2022.

3) Indian Energy Exchange's (IEX) board of directors is scheduled to meet today i.e., on Friday to consider the proposal for buyback of equity shares of the company. IEX shares are down more than 43% in 2022 (YTD) so far.