Stock Analysis and Stock Market News 29-April-2022 (3 minutes read)

Stock name: Reliance Industries 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 and bounced on higher volumes. The volumes on the retest of the breakout were comparatively on the lower side as compared to the breakout and bounce.

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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:

• SEBI on 28^th April 2022 reduced timelines for the listing of units Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InvIT). For both REITs and InvITs, it said, "it has been decided to reduce the time taken for allotment and listing after the closure of issue to six working days as against the present requirement of within twelve working days.”

• Central African Republic has declared Bitcoin as an official currency, Bloomberg reported. It is only the second nation in the world to accept the cryptocurrency as legal tender.
• Shortage of semiconductors in the US will persist till 2024, Intel CEO Pat Gelsinger said on April 28.