Stock Analysis and Stock Market News 06-May-2022(3 minutes read)

Stock name: Rupa & Co. Ltd.

Pattern: Rounding bottom

Time frame: Weekly

Observation: The stock has formed a rounding bottom on a weekly time frame. This is a bullish pattern. Once the neckline is broken, the stock travels the distance which is equal to size of the distance between the bottom and the neckline.

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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) Central Bank of India to close 13% of its branches to improve its financial health, which has been under pressure for several years, sources say.

2) Canara Bank reports consolidated net profit of 1,919 crores, a jump of 15.8% over the last quarter. The quarter on quarter profits are on an increasing trend.

3) DCB Bank, IRB Invit, Mangalam Cement, Navin Fluorine, Shanthi Gears, SMC Global Securities are amongst some companies that are going to declare their results tomorrow.

4) Zomato founder and CEO, Deepinder Goyal today announced that he will donate all his employee stock option plan (ESOP) proceeds worth ₹700 crore to Zomato Future Foundation, which will be used towards offering free education to the children of delivery partners, among other things.