Stock name: Mahindra and Mahindra

Pattern: Fresh ATH breakout

Time frame: Weekly

Observation: The stock was in an uptrend from the Covid lows and had later entered into a consolidation range. The stock has recently broken out of the consolidation range on the back of high volumes. The auto sector also is as such picking up momentum. The stock did a retest also of the neckline and has bounced. Once this kind of a rounding bottom pattern is made, the stock can travel as indicated in the chart.

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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) On a low YoY base, Titan’s jewellery division’s revenues nearly tripled, clocking a growth of 207%. The watches division achieved its highest ever quarterly revenue in Q1FY23 growing 158% YoY with healthy growth witnessed across all brands and products.

2) JSW Steel today posted a 16% jump in its consolidated crude steel output at 5.88 Million Tonnes (MT) during April-June 2022 quarter. In the same period last year, its production was at 5.07 MT, the company said in a statement. On a QoQ basis, the production was 2% down from 5.98 MT in January March 2022 quarter.

3) Shares of Sobha Limited zoomed over 8% today after the company released its operational update for the quarter ended 30 June 2022. The firm’s total sales value rose 67.7% YoY to Rs. 11.45 billion, it said, adding that its share of sales value was the highest ever at Rs. 9.51 billion. Bangalore sales volume & value have been the highest ever since inception on the back of 3 new project launches for the company and their cash flows remained healthy during the quarter resulting in further net debt reduction," it said.