Adani Power | Bounced from a support | Latest stock market news

(3 minutes read)

Stock name: Adani Power

Pattern: Bounced from a support

Time frame: Daily

Observation:

Adani Power has been in a downtrend since August of this year and has very recently bounced off from a level (240 to 250) which had acted as a support earlier as well. This may possibly be a double bottom pattern in formation. However, a thing is to be noted that a double bottom pattern is when it is formed in a downtrend.

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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)  Adani Transmission acquired New Unit Best Smart Metering Limited

2) According to the grey market trends, KFin Technologies is slated to see a tepid listing as the shares were trading at a discount of Rs. 5 to the issue price. The share will likely open around the lower band of Rs. 347 or at a further discount. The IPO was priced in the range of Rs. 347-366 apiece.

3) The health of Indian banks continued to improve in 2021-22 with their balance sheet growing at double digits after a gap of seven years and their asset quality and capital position bettering, the RBI said in its annual report on trend and progress of banking in India.