Mahindra and Mahindra | Trading near range high | Latest stock market news

(3 minutes read)

Stock name: Mahindra and Mahindra

Pattern: NA

Time frame: Weekly

Observation: The stock had a run up after the Covid fall and is since then trading in a sideways range. The stock is currently trading near the resistance level of the range. The stock could not break the resistance level in the previous times even with more than average volumes. This time, the volume built up is also not that great.

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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) Q4 2022 results: Shree Cements posted a 20% growth in revenue and a 14% increase in the PBT as compared to the previous quarter. The company has recommended a final dividend of Rs. 45 per equity share of Rs. 10 each for the financial year ended March 2022.

2) Steel stocks have tumbled down today due to the levy of export duty announced on Saturday. Domestic steel companies like Tata Steel, JSW Steel and Jindal Steel are likely to be impacted the most as exports account for 15-28% of the overall sales.

3) The IT services major Infosys on Sunday announced the reappointment of Mr. Salil Parekh as the CEO and MD of the company for the period of five years. Parekh will be the only non-founder CEO to have managed to be at the helm of the company for a second term.

4) Adani Ports, Asian Granito, Aster DM, Balrampur Chini, Birla Cable, Grasim, Ipca labs, Kirloskar Brothers, Manali Petro, MTAR Tech, Zee Media are amongst companies which will declare their results tomorrow.