Titan | Near a resistance (earlier support) | Latest stock market news

(3 minutes read)

Stock name: Titan

Pattern: Near a resistance (earlier support)

Time frame: Daily

Observation: The stock was in a consolidation since October 2021 and had broken down of the consolidation range in May 2022. The stock also did a retest of the broken support and had resumed its downward journey. Currently, the stock has shown aggressive buying interest from the lower levels and is again testing the resistance level (earlier support). If the stock is unable to break this level (2239), it may resume its downward journey. If it goes above and sustains the said level, it may lead to a fresh rally in the counter.

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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 - HDFC Bank - Consolidated revenue up 5% but PAT down 10% on QoQ basis. Standalone Gross NPA stood at 1.28% viz a viz 1.17% in the previous quarter.

2) Q1 FY23 result update - Jindal Steel and Power Limited - Consolidated sales down 9% but PAT up 32% on QoQ basis. We are not looking at YoY numbers as June 2021 was an exceptional quarter due to the covid lockdowns.

3) Bank of Baroda, a leading public sector lender, said on Saturday that it will issue long-term bonds to generate Rs. 1,000 crores in debt capital for the infrastructure and affordable housing sectors. The lender stated in a filing submitted to BSE that its investment committee had approved it at a meeting held on Saturday.

4) Ambuja Cement, AU small finance bank, Hatsun agro, HDFC life, HUL, ICICI lombard, L&T finance, Network 18, Polycab, TV18 broadcast are amongst the companies that will declare their Q1 results tomorrow.