Stock Analysis & Stock Market News 28-April-2022 (3 minutes read)

Stock Name: Adani Ports and Special Economic Zone Limited.

Pattern: Cup and Handle

Time frame: Daily

Observation: The stock has broken out of a Cup and Handle pattern and has retested the neckline. Generally, the volumes on the retest of the breakout have to be on the lower side, however in this case, the retest was done on high volumes.

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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:

• AU Small Finance Bank has become eligible to apply for a universal bank status as it has completed 5 years of operations. The term universal banks in general refers to the combination of commercial banking and investment banking, i.e., issuing underwriting, investing and trading in securities. In a very broad sense, however, the term universal banks refers to those banks that offer a wide variety of financial services, especially insurance.

• The ban on palm oil exports announced by Indonesia last week has come into effect from Thursday. However, later, the country, which is the world’s largest producer of palm oil, clarified that the export ban announced late last week will not be applicable to crude palm oil but will only cover refined, bleached, deodorized palm olein.