JK Cements | Cup and Handle Breakout | Latest stock market news

(3 minutes read)

Stock name: JK Cements

Pattern: Cup and Handle Breakout

Time frame: Daily

Observation: The stock has created a Cup and Handle pattern and has broken out of the same. Once the stock closes above the neckline of such a pattern, the price travels the distance equal to the distance between the bottom of the Cup and the neckline, distance being considered from the neckline. However, if we see carefully, there is a price band (3000 to 3100) which was a support earlier and will now act as a resistance. Once the price crosses above and sustains above the said levels, we can see all-time highs in this stock.

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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) The Union Cabinet yesterday has approved a policy for long term leasing of railway land for implementing the PM Gati Shakti framework. Under it, the long term leasing of railway land for a period of 35 years would be enabled for setting up cargo terminals.

2) The inclusion of Adani Enterprises into the Nifty 50 index by this month-end is set to attract inflows of about $285 million, as per domestic brokerage and research firm Edelweiss.

3) Rakesh Gangwal, the co-founder of India’s biggest airline, IndiGo, will sell up to a 2.8% stake in Interglobe Aviation Ltd through a block deal that will fetch him at least $250 million, according to deal terms reviewed by Mint.