GMR Infra | Close above super trend | Latest stock market news(3 minutes read)

Stock name: GMR Infra

Pattern: Close above super trend

Time frame: Daily time frame

Observation: The stock was in a downtrend and had fallen about 35% from the peak. However, recently the stock has picked up upward momentum and today has closed above its super trend. Today, a doji has been formed despite huge volumes, which indicates indecision in the market.

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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) Q4 2022 result update: Food aggregator Zomato on May 23 reported a net loss of Rs. 359 crores in the Q4 2022. The company's revenue climbed to Rs. 1,211.8 crores, up 9% from the previous quarter. Zomato’s share was up 12% today on the other hand, reason being during the quarter, the total value of all food delivery orders placed on Zomato's online platform jumped 77 per cent year-on-year to a record high, while average monthly transacting customers were at an all-time high of 15.7 million. We think our growth trajectory is back on track, and we don't foresee "post-Covid ramifications" affecting our growth rate anymore," said Chief Executive Deepinder Goyal.

2) LIC today said its board will consider dividend, when it discloses its maiden quarterly results on 30 May 2022.

3) News agencies today reported that the government is going to limit sugar exports, which will help bring down domestic prices. Reports said the government may cap sugar exports at 10 million tonnes for the marketing year ending September 2022 (Sugar marketing year runs from October to September). Following the news flash, sugar stocks tanked up to 10%. Till 18^th May 2022, we have already exported 7.5 million tonnes.

4) Apollo Hospitals, Asahi India, Bata India, BPCL, CG Vak, Coal India, Deepak Fertilisers, Easy trip, Fortis Health, GMM Phaudler, HEG, Indigo, Jai Corp, Khadim India, NHPC, Praj, Whirlpool are amongst companies which will declare their results tomorrow.