Stock name: Foseco India

Pattern: Near Rounding bottom

Time frame: Weekly

Observation:

The stock has formed a rounding bottom pattern and is close to doing the breakout.

Once the stock breaks out of such a pattern, the stock travels the distance equal to the difference between the neckline and the bottom of the rounding bottom pattern. Since this is a weekly time frame, it is usually perceived that these stocks can take many weeks / many months of time to move.

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) India Passenger vehicle sales to hit a record 5 Mn units the next fiscal: Crisil

2) Shares of Foseco India rallied 9% to hit an over five-year high of Rs. 2,189 today after the company reported a 51% jump in its net profit to Rs. 1,226 crores in the December quarter (Q4CY22).

3) Ministry of Statistics and Programme Implementation (MOSPI) will release the second advance estimate of the GDP for 2022-23 along with December quarter data today evening.