Stock name: Indiamart Intermesh Ltd

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since October 2021 this stock has been in a down trend (from 4775 INR) and made a low of 1843 INR in the month of July 2022. However, since January 2022, it has been forming a cup and handle pattern on a weekly chart. And in the last week, it seems to have broken out its resistance zone of 3000 INR with a strong volume. According to technical analysis, if this is able to hold the resistance line and sustain above it, then it may show trend continuation on the upside.

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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.

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