RCF | Breakout form Resistance | Latest stock market news(3 minutes read)

Stock name: Rashtriya Chemicals & Fertilizers

Pattern: Breakout form Resistance

Time frame: Daily

Observation:
RCF has given breakout from its resistance level & is currently trading at 52 weeks high. The concerned breakout is with good volumes, suggesting the strength of the breakout. If the stock is able to sustain above this resistance level, we can see a fresh up move from here.

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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 Inox Green Energy Services made a weak market debut with the stock listing at ₹60 per share on the NSE, a discount of more than 7% as compared to its IPO issue price of ₹65 per share.

2) Larsen and Toubro Ltd. (L&T) announced on Tuesday that it has purchased remaining 50% stake in L&T-Chiyoda Ltd. (LTC), from Chiyoda Corporation, now L&T would be 100% owner of LTC. L&T acquired 4.5 million shares for Rs 75 crore, the acquisition is expected to be completed by December 31, 2022. LTC was incorporated as a 50-50 joint venture between L&T and Chiyoda in 1994, with an objective to provide engineering and related services for the hydrocarbon industry to support L&T’s engineering, procurement and construction (EPC) business.

3) Nykaa through its exchange filing made after market hours yesterday, informed that its CFO, Mr. Arvind Agarwal has resigned from it’s post to pursue other opportunities in the digital economy & start-up space. On the back of this information, the company’s shares opened more than 3% lower.