IGL | Near a resistance | Latest stock market news
(3 minutes read)

Stock name: IGL

Pattern: Near a resistance

Time frame: Daily

Observation:

The stock had been in a downtrend but has been consolidating in the form of a Cup and Handle pattern and had tried to breakout in September 2022 but had failed and is currently consolidating around the same level but is again facing resistance. If the stock is unable to breakout from the zone marked in the image below (450), we may be able to see some selling pressure in the coming days.

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) Ukrainian regional official says Russia has launched missiles: Bloomberg.

2) GMM Pfaudler share price has crashed over 15% in early morning deals today. Its share price today opened with a downside gap and went on to hit intraday low of Rs. 1,576.10 apiece on NSE. According to stock market experts, this crash in GMM Pfaudler shares can be attributed to the news about Pfaudler Inc. to sell GMM Pfaudler stake worth Rs. 2,278 crores.
3) The Ministry of Finance slashed the tax on crude oil produced by firms such as state-owned ONGC to Rs. 1,700 per tonne from the existing Rs. 4,900 per tonne, a government notification said. The ministry also cut the rate on diesel exports to Rs. 5 per litre from Rs. 8 per litre in the fortnightly revision of the windfall profit tax.