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| Item Details | Price | ||
|---|---|---|---|
Stock name: Tech Mahindra
Pattern: Trading around a crucial level
Time frame: Weekly
Observation: The stock had a massive 300% run up after the Covid lows in March 2020 but since January 2022, the stock started correcting and has corrected about 50% in its value. If we apply Fibonacci to the chart, we see that the stock is currently trading around a very important Fibonacci level of 997 (the 61.8% retracement level) since the last few weeks. There was a good consolidation around the same level previously. The stock had closed below the said level in the weekly time frame but rebounded, respecting the said level. If the said level gets broken again, it would indicate lack of buyers in the stock.
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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) Q1 FY23 result update: Jindal Stainless Limited: Sales down 17% and PBT down 40% on QoQ basis. The operating profit margin is at 10%, was at 13-14% for the past few quarters.
2) The auction of 5G spectrum will commence today. The spectrum will be assigned to the successful bidders for providing 5G services to public and enterprises. The Indian government is expected to earn around Rs. 1 lakh crores from the auction. The auction will conclude by July end, and the rollout is expected by September this year. It is expected that the spectrum will be utilised by telecos to roll-out of 5G technology-based services capable of providing speed and capacities which would be about 10 times higher than the current 4G services.
3) Bajaj Finserv has informed the exchanges that its board will consider a stock split and a bonus issue in its board meeting scheduled on 28th July 2022.
4) Shares of Vedanta (Rs 19.5 per share), Gujarat Pipavav Port (Rs 2.4 per share), Hatsun Agro Product (Rs 6 per share), Pidilite Industries (Rs 10 per share), became ex-dividend today.
5) Aarti drugs, Allsec tech, APL apollo, Bajaj finance, Biocon, Blue dart, CG power, Clean science, Colgate, Dixon tech, Filatex, Fino payments, Khaitan chemicals, Kokuyo Camlin, Latent view, Laurus labs, Maruti suzuki, Poonawalla fincorp, Powergrid InvIT, Tata motors and VIP industries are amongst the companies that will be declaring their results tomorrow.