Deepak Nitrite | Bounced from Support Zone | Latest stock market news

(3 minutes read)

Stock name: Deepak Nitrite

Pattern: Bounced from Support Zone

Time frame: Daily

Observation: The stock was in a ferocious uptrend, but then had started correction and has now fallen about 40% from the top. The stock had consolidated for about 3 months in the range where it currently is and then had a run up, and has come to that zone again and now has bounced back from there, implying demand coming up at lower levels. We can also see a double bottom formation here.

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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) Shares of HFCL climbed 2.9% today as the domestic maker of telecom gears said that it has secured an order worth Rs. 237.25 crores from a private telecom operator for supplying optical fibre cables.

2) Shares of Bharat Dynamics surged 6.7 per cent in early trade today after the state-owned defence company bagged a contract worth Rs. 2,971 crore from the Ministry of Defence. The contract is for the supply of ASTRA MK-I Beyond Visual Range (BVR) air to air missile and associates equipment to the Indian Air Force & Indian Navy. “Till now, the technology to manufacture missile of this class indigenously was not available,” the MoD stated on Tuesday, according to reports.

3) The government has cleared the entire GST compensation dues to states till May 31. As many as 20 states and Union Territories have received a total of Rs. 86,912 crores. Of this, Rs. 25,000 crores is released from the GST compensation fund and the balance Rs. 61,912 crores is being released by the Centre from its own resources pending collection of cess. Further, the gross GST revenue collected in May 2022 stood above 1.40 lakh crores, up 44% YoY.