Tata Power | Head and Shoulder | Latest stock market news(3 minutes read)

Stock name: Tata Power

Pattern: Head and Shoulder

Time frame: Weekly

Observation:
After a big rally since the March 2020 lows, the stock went into a long consolidation and has formed a head and shoulder pattern, which is a bearish pattern. The stock is currently trading very close to the neckline of the pattern and once the stock breaks such a neckline, the stock generally travels the distance equal to the distance between the top of the head and the neckline. However, many a times it so happens that the neckline is not broken and the stock starts going upwards.

You may add this 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:
1. Q2 result update: Ultratech Cement

Consolidated revenue down 9.4% QoQ

Consolidated PAT down 52.3% QoQ

OPM at 13%, lowest amongst last many quarters

EBIDTA per tonne at 819, as against 1230 in the last quarter

2. REC and PFC have signed a memorandum of loan agreement with SJVN Thermal (STPL) for financing 2x660 MW coal based Buxar Thermal Power Plant. The total estimated Project Cost is Rs. 12,172.74 crores with debt requirement of Rs. 8,520.92 crores. As per the MoA, the debt requirement shall be financed by REC & PFC.

3. The Ministry of Defence had earlier promulgated 'First, Second and Third Positive Indigenisation Lists', comprising 310 items on August 21, 2020, May 31, 2021 and April 07, 2022 respectively. The ‘Fourth Positive Indigenisation List’ of 101 items is announced by Prime Minister Shri Narendra Modi during the opening ceremony of DefExpo 2022 in Gandhinagar, Gujarat on October 19, 2022. All the items included in the lists will be procured from indigenous sources as per provisions given in Defence Acquisition Procedure 2020. This list provides continuous impetus towards self-reliance in defence.

4. Ambuja Cement, Atul, Bajaj Finserv, Bajaj Holdings, Birlasoft, Car Trade Tech, Chalet Hotels, CRISIL, DLF, Finolex Industries, Glenmark, GNA Axles, HDFC Life, Hind Zinc, HUL, IDBI Bank, IRB Infra, JK Bank, JSW Steel, Kalyani Steel, Kokuyo Camlin, Laurus Labs, Meghmani Organics, Motilal Oswal, Onward Technologies, PNB Gilts, Poonawalla Fincorp, Ram Krishna Forgings, Rattan Power, Reliance, Route Mobile, Sasken Tech, SBI Life, Tejas Networks, Tips Industries, Torrent Pharma, United Spirits, Vakrangee and VIP Industries are some of the companies which will post their results tomorrow.