Stock name: BPCL

Pattern: Triangle breakout

Time frame: Daily

Observation:

The stock has been in a correction mode since September 2021 and entered a consolidation in August 2022. Very recently, the stock has broken out of the triangle consolidation and is now retesting the breakout. If the stock sustains above the retest/breakout point of 360, we can see a follow-up move to the breakout. Else, we may again see some consolidation / down move in the counter.

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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.

News for the day:

1) Q4 result update: Data Patterns
Revenue at 185 crores, up from 171 crores in the same quarter last year
PBT at 72 crores, down from 85 crores in the same quarter last year

2) UNO Minda to consider raising of funds upto 15 Bn INR on 18^th May

3) Shares of Adani group will be in focus today after boards of two companies approved proposals to raise as much as $2.6 billion. Adani Enterprises Ltd. got a nod to raise as much as 125 billion rupees through a QIP or other modes, according to an exchange filing on Saturday. Adani Transmission Ltd. can seek up to 85 billion rupees via similar methods.

4) 20 Microns, Automotive Axles, Bank of Baroda, Bharti Airtel, CCL Products, EIH Hotels, Granules India, IOC, Jindal Steel, JK Paper, Jubilant Ingrevia, Kajaria Ceramics, LIC Housing Finance, Max Healthcare, Metropolis, MPS, Paras Defence, Redington, Tilaknagar Industries and Triveni Turbines are amongst the companies which will post their quarterly results tomorrow.