Jubilant Foodworks | Broke the Fib. resistance | Latest stock market news

(3 minutes read)

Stock name: Jubilant Foodworks

Pattern: Broke the Fib. resistance

Time frame: Daily

Observation: The stock was in a downtrend and in the oversold territory after a couple of bad fundamental quarters. It had later started consolidating. Yesterday it broke the level which was acting as a resistance from the past few weeks, which is the 23.8% Fibonacci level (563). If the stock sustains above this level, it can start a fresh uptrend.

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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) Q1 FY23 result update: AU Small Finance Bank: Total income almost flat and PAT down 23% on QoQ basis. We are not considering YoY basis as June 2021 was an exceptional quarter due the Covid second wave. Gross NPA 1.96% as compared to 1.98% in the previous quarter. CASA at 39% (26% in June 2021), Cost of funds at 5.7% (improved by 0.57% QoQ).

2) Shares of IndusInd Bank trading up over 8% today after the company reported a 60.5% jump in net profit for the quarter ended June.

3) Italian PM Draghi tells parliament that he will resign.

4) Andhra Cement, Atul, Bandhan Bank, Bharat Gears, CG Consumer, Coforge, Finolex Industries, HDFC AMC, HFCL, JSW steel, Mahindra CIE, Meghmani Organics, Reliance, Sigachi Industries, Ultratech Cement are amongst the companies that will be declaring their results tomorrow.