Stock name: Madras Fertilisers

Pattern: Near resistance levels

Time frame: Daily

Observation:
The stock has been sideways for the last 6 months but has shown some good upside momentum in the recent few days with good support from the volumes. The stock is currently trading very close to the triangle pattern resistance levels (56) and if it breaks out of the same, we can see some good upside momentum.

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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 Central Government released an amount of INR 17,000 crores to States / UTs towards the balance GST compensation for the period April to June 2022. The total amount of compensation released to the States / UTs so far, including the aforesaid amount, during the year 2022-23 is INR 1,15,662 crores.

2) Nucleus Software announces that Bank of Sydney leverages lending digitalisation solution Finnone Neo TM from the company.

3) Vedanta, Milkfood, Gujarat Themis and Som Distilleries to trade ex-dividend this week.