Stock Analysis and Stock Market News 04-May-2022 (3 minutes read)

Stock name: CDSL

Pattern: Head and Shoulder

Time frame: Daily

Observation: The stock has formed a Head and Shoulder pattern on a daily time frame and has broken the neckline on the back of increased volumes. This is a bearish pattern and once the neckline is broken, the stock travels the distance which is equal to difference between the neckline and the head.

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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. North Korea has launched a ballistic missile toward its eastern waters on 4^th May 2022, South Korean and Japanese officials said.

2. Tata Steel Q4 results: Consolidated net profit up 1.92% from previous quarter to Rs 9,756 crores. Further, it announced 10:1 stock split. It also announced a dividend of Rs. 51 per share.

3. RBI Governor Shashikanta Das announced the hike of repo rate by 40 basis points and also increase in the Cash Reserve ratio by 50 basis points.