Stock name: Finolex Cables

Pattern: Cup and Handle Breakout

Time frame: Daily

Observation:

The stock has given a breakout of Cup and Handle pattern very recently and is also showing good upside momentum with the support of volumes.

Once the stock breaks out of such a pattern, it travels the distance equal to the distance between the bottom of the cup and the neckline, distance being taken from the neckline.

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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) Google India has fired 453 employees from various departments. The news came in late Thursday night from sources, as reported by Hindu Business Line.

2)  Air India will require more than 6,500 pilots to operate 470 aircrafts that are to be supplied by Airbus and Boeing in the coming years, according to industry sources. Seeking to expand fleet as well as operations, the airline has placed orders for acquiring a total of 840 aircraft that includes an option to buy 370 planes. This is one of the largest aircraft order by any airline.

3) The country's largest airline IndiGo, which is "back with a bang", is looking to start flights to Nairobi, Jakarta and some central Asian destinations as the carrier focuses on internationalisation, according to its chief Pieter Elbers.