Ujjivan SFB | Approaching resistance | Latest stock market news
(3 minutes read)

Stock name: Ujjivan SFB

Pattern: Approaching resistance

Time frame: Weekly

Observation:

The stock has been consolidating since January 2021 and is currently approaching the said range’s high, which can act as a resistance. As per technical analysis, once a stock breaks out of such a consolidation resistance, 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) The promoters of Zee Entertainment Enterprises today approached the Securities Appellate Tribunal to seek relief against the market regulator’s order banning Subhash Chandra and Zee MD & CEO Punit Goenka from holding key positions.

2) ASK Automotive has filed preliminary papers with SEBI, to raise funds through an IPO. The IPO is entirely an OFS by promoters.

3) Inox Wind Energy share price gains 16% on merger news with the parent company, Inox Wind. The stock opened higher and then further gained to touch a high of ₹2,150. The company's board on 12 June approved the merger of Inox Wind Energy into the parent company Inox Wind.