Stock name: Nifty

Pattern: Head and shoulder pattern

Time frame: Daily

Observation:

Nifty has been in a consolidation / correction since October 2021, after a wonderful rally off the Covid lows. Currently, a head and shoulder pattern has been observed in Nifty and Nifty is currently standing at the neckline of the same. If neckline is broken as per this pattern, it indicates a negative outlook.

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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) Shares of ZEEL tanked 14% to hit a new 52-week low today, after the NCLT accepted IndusInd Bank’s insolvency petition against the company and admitted it into the corporate insolvency resolution process.

2) Tata Motors has begun talks with sovereign wealth funds and private equity investors to raise up to $1 billion via a stake sale in its EV business, ET reported.

3) The government is considering the option of inviting fresh applications to bid for the fourth slot which fell vacant after one of the initial candidates who qualified, Hyundai Global Motors, exited from the PLI scheme for advanced chemistry cell battery storage with a capacity of 20 GWH.

4) Sonata Software jumps over 4% on acquiring US-based Quant Systems.