Stock Analysis and Stock Market News 05-May-2022 (3 minutes read)

Stock name: Minda Corporation Limited

Pattern: Pole and Flag

Time frame: Daily

Observation: The stock has formed a flag and a pole pattern on a daily time frame. This is a bullish continuation pattern and once the channel is broken, the stock travels the distance which is equal to size of the pole from the breakout point of the channel.

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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) The US Federal Reserve has increased their benchmark interest rate by 50 basis points on 4th May 2022. The hike is the largest since 2000 and follows a 0.25 percentage point increase in march, the first increase since December 2018.

2) Reliance Industries Limited, Tata Power, Apollo Pipes, Bajaj Consumer, Canara Bank, Federal Bank, GE Shipping are amongst companies which will announce their March quarter results tomorrow.

3) The IPO of Venus Pipes & Tubes will open for public subscription on May 11. And will conclude on May 13.