Stock name: Cartrade Tech

Pattern: Cup and Handle pattern

Time frame: Weekly

Observation:

The stock has been in a downtrend since listing and saw a price fall from 1600 INR to 350 INR. Since February 2023, the stock has been forming a cup and handle pattern in weekly chart. Recently the stock has seen good amount of volume trading. According to technical analysis, if the price breaks out of the resistance zone of 558 INR and if sustains the above that, it may show trend continuation on the upside.

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) Mahindra and Mahindra reported total sales of Rs 59,924 units for the month of June. This compares with 51,319 units sold in the same month last year.

2) Lupin announced that it has received the Establishment Inspection Report (EIR) from USFDA for its Pithampur Unit-2 manufacturing facility that manufactures oral solids and ophthalmic dosage forms.

3) Shares of Delta Corp opened at their 10 per cent lower circuit of ₹222.15 while those of Nazara Technologies cracked over 14 per cent in early deals after the Goods and Services Tax (GST) Council on Tuesday (July 11) levied a 28 per cent uniform GST on online gaming, horse racing, and casinos on the full value of the bets.