Linde India | Re-test of the breakout | Latest stock market news(3 minutes read)

Stock name: Linde India

Pattern: Re-test of the breakout

Time frame: Daily

Observation: The stock was in a consolidation zone from August 2021 to March 2022 and broke out of the consollidation on the back of heavy volumes. Prior to that, the stock was in a ferocious uptrend.

The stock is currently doing a retest of the break out level as mentioned and the restest in on absolutely low volumes, hence increasing the possibility that the retest is a genuine retest. If the stock respects the current level and shows strength, then the uptrend can continue.

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) Greaves Electric Mobility has allotted 35.80% stake to global investor Abdul Latif Jameel for his 150 million USD capital infusion in the company through private placement. Greaves Electric Mobility, which manufactures two and three-wheelers, is the e-mobility subsidiary of Greaves Cotton. Following the allotment, the company continues to be a subsidiary of Greaves Cotton Ltd. and the resultant shareholding of Greaves Cotton Ltd. in the company on a fully diluted basis is now 61.38%, the company said.

2) Japanese auto majors Toyota and Suzuki today said they will deepen their collaboration in the fields of development and production in India. Under the initiative, the two companies will start production of a new SUV developed by Suzuki at Toyota Kirloskar Motor (TKM) from August this year, they said in a joint statement. Suzuki’s Indian arm, Maruti Suzuki India Ltd. and TKM will market the new model in India as Suzuki and Toyota models, respectively, it added.

3) Route Mobile on Thursday announced that its board will be considering buyback of shares on 28 June. The details will be decided in the meeting.

4) Nazara Technologies Limited has turned ex-bonus today. The share price has not fallen by 40% today, rather it has rallied by over 8% since morning. The 40% fall as can be seen is account of bonus adjustment, which is not an actual loss, as proportionate share will be alloted to the shareholders who purchased it till yesterday.

5) IOC had considered a bonus issue and the ex-date is 30 June 2022.

6) REC Ltd.’s board is going to consider issuance of bonus shares on 30th June 2022. The bonus ratio and other details will be decided in the meeting itself.