Stock name: Adani Enterprises
Pattern: Double Bottom
Time frame: Daily
After the carnage in the Adani Enterprises stock earlier this year, the stock had started to consolidate and had formed a double bottom pattern, which is a bullish reversal pattern. Today, the stock has broken out of the neckline of the said pattern.
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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) Q4 result update: EIH Limited
Revenue at 637 crores, up 8.7% QoQ
PBT at 145 crores, down 27% QoQ
OPM at 32%, down from 36% in the last quarter
2) Facebook owner Meta Platforms Inc. was hit by a record €1.2 billion ($1.3 billion) European Union privacy fine and given a deadline to stop shipping users’ data to the US after regulators said it failed to protect personal information from the American security services.
3) Reliance Retail has started consolidating its JioMart business vertical, along with METRO Cash & Carry India operations that it recently acquired. In order to avoid overlap, according to multiple sources, the company has also laid off some of its employees across its retail vertical.
4) 7NR Retail, Aptech, Ashoka Buildcon, Asian Granito, Avanti Feeds, Bayer Crop sciences, Borosil Renewables, Caplin labs, Cummins, Fabino Life, Fine Organics, Nykaa, GPPL, Hindalco, ICRA, India Cements, India Glycols, Ircon, JB Chemicals, Kingfa Science, LIC India, NALCO, Parle, Piramal Pharma, SPIC, Titagarh Wagons, Trident and Wonderla are amongst the companies which will post their quarterly results tomorrow.