Vedanta| Pennant Flag Pattern | Latest stock market news
(3 minutes read)

Stock name: Vedanta

Pattern: Pennant Flag Pattern

Time frame: Daily

Observation:

Since March 2023, the stock has taken a support at around 234 INR and has seen upward trend. Stock has gone in pennant pattern for last one and half month. Recently RSI has been taking a support at 50. According to technical analysis, if the breaks out of the pennant zone and sustains it then it may show trend continuation on the upside.

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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) GMR Power shares spike 20% on government order for 75 lakh smart meters.

2) Wipro reported a net profit of Rs 2,870 crore for the first quarter ended June 2023 (Q1-FY24), up nearly 12 per cent from a year ago but down 6.6 per cent quarter-on-quarter (QoQ). Revenues for period under review came in 6 per cent higher YoY at Rs 22,831 crore. Stock was up by 1.7% today.

3) Federal Bank Ltd. recorded a 5.41 percent decrease in net profit for the quarter ending in June, primarily due to an increase in provisions compared to the previous quarter. According to an exchange filing, the private lender's net profit amounted to Rs 854 crore, compared to Rs 903 crore in the preceding quarter. Stock was down by about 5.5% down yesterday.

4) JBM Auto shares skyrocket 18%, hit 52-week high on bagging big order of electric buses.