Stock name: Divis labs

Pattern: Near a resistance

Time frame: Daily

Observation:

The stock with the whole pharma sector has been in a downtrend for sometime now, but has recently shown some possible signs of reversal. We can see a double bottom pattern in stock. However, caution needs to be there as the stock is standing at a level (3475) which acted as a support earlier and would act as a resistance now.

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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) RBI Governor Mr. Shaktikanta Das says current credit growth is a reflection of pent-up demand of last two years. Also says 17.5% credit growth reflect underlying economic fundamentals.

2) SEBI has extended the suspension of futures and options trading in seven agricultural commodities, including wheat and moong, for one year till December 2023 in a bid to rein in prices. The other agricultural commodities suspended by SEBI are - paddy, chana, crude palm oil, mustard seeds and soya bean and their derivatives.

3) SEBI at its board meeting held on 20 December 2022 decided that buyback through open market method should be phased out in a gradual manner. Also, the process of the tender route is further liberalised.