Tata Communication | Breakout | Latest stock market news
(3 minutes read)

Stock name: Tata Communication

Pattern: Breakout

Time frame: Weekly

Observation:

Tata Communication has been in an uptrend since the Covid lows, but later since August 2021, it had entered into a correction mode. The stock has been consolidating since then and has today broken out of the range on the back of heavy volumes.

As per technical analysis, once a stock breaks out of such a consolidation, it usually travels the distance equal to the height of the consolidation.

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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) Shares of Ipca Laboratories fell 3% today after the USFDA conducted the inspection of the Company’s APIs manufacturing facility situated at Ratlam, Madhya Pradesh from 5th June 2023 to 13th June 2023. At the conclusion of the inspection, the USFDA issued a Form 483 with 11 observations.

2) Anupam Rasayan shares rose 6% today after the company signed a Letter of Intent worth Rs. ~2,186 crores for the next 5 years with one of the leading Japanese speciality chemical companies to supply new age patented life science active ingredient.

3) Shares of KEC International rallied over 6% to hit a 52-week high of Rs 586 in Wednesday's trade on BSE after the firm secured a new order of Rs 1,373 crore across its various businesses.