Stock Analysis & Stock Market News 02-May-2022  (3 minutes read)

Stock name: HBL Power Systems.

Pattern: Rounding bottom

Time frame: Weekly

Observation: The stock has broken out of a Rounding bottom pattern on overwhelming volumes. The pattern took approx. 4.5 years to form and hence can be said to be a reliable one.

You may add this stock to your watchlist to understand further price action.

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:

• Biocon Biologics said it can close the transaction of $3.34 billion Viatris' biosimilar business acquisition by as early as this quarter, if it gets a nod from regulatory agencies. Around $800 million will come through equity infusion from existing investors including parent Biocon and others such as Serum Institute of India, Abu Dhabi-based ADQ

• SBI Cards and Payment Services Ltd reported a jump of over three-fold in its net profit at ₹580.8 crore in the quarter ended March 2022 as compared to ₹175 crore in the same quarter of the previous fiscal year. The net profit figures are highest in the last 10 quarters.
• The unemployment rate in India rose to 7.83% in April from 7.60% in March. The urban unemployment rate rose to 9.22% in April from 8.28% the previous month, while the rural unemployment rate slipped to 7.18% from 7.29%, data from the Centre for Monitoring Indian Economy (CMIE) showed on May 2.