ABB India Limited | Triple Top | Latest stock market news(3 minutes read)

Stock name: ABB India Limited

Pattern: Triple Top

Time frame: Daily

Observation:

The stock has been in a ferocious uptrend for the last 2 years and has very recently shown signs of possible correction in the form of a triple top pattern. The pattern is a bearish pattern and indicates price making similar tops and then correcting. However, there is support coming to the price from 2950 levels and once the said levels get taken down, we may see some good downside momentum in the said 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) Q2 result update: HSCL
Consolidated Revenue up 64% YoY

Consolidated PAT up 350% YoY

OPM at 9%, highest in last many quarters

2) The RBI said that the Monetary Policy Committee will hold an additional meeting on 3 November 2022.

3) Laurus Labs: US FDA has completed a Pre-Approval Inspection at its manufacturing facility at Visakhapatnam and issued a Form 483 with one observation.

4) Adani Ports, Chambal Fertilisers, CMS Info Systems, Dhanuka Agritech, EIH, JK Tyre and Inds., Kabra Extrusion, Kansai Nerolac, LIC Housing Finance, Macrotech, Max Healthcare, Saurashtra Chemicals, Sun Pharma, TN Petro, Tech Mahindra, UPL, Varun Beverages and Voltas are some of the companies which will post their results tomorrow.