Adani Wilmar | Head and Shoulder breakdown | Latest stock market news

(3 minutes read)

Stock name: Adani Wilmar

Pattern: Head and Shoulder breakdown

Time frame: Daily

Observation:
The stock is in a down-move since the last few days and has very recently broken down from a head and shoulder pattern. Once the stock breaks down from such a pattern, it generally travels the distance equal to the distance between the neckline and the top of the head.

The stock seems to be taking a support around 686 level and once this level gets taken out, we can see continuation of the downfall.


You may add this to your watchlist to understand further price action.

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: Infosys
Consolidated revenue up by 23% YoY (Constant currency growth of 18.8%)
Consolidated PBT up by 12% YoY
OPM at stable at 24%
Infosys board approves buy back programme worth 9,300 crores.

2. India's total passenger vehicles sales surged by 9.3% month-over-month to 3,07,389 units in September 2022, recovering from a 4.3% fall in August, as crippling semiconductor shortages ease. On a YoY basis, car sales jumped 92 percent.

3. Suven Life Sciences rights issue's record date has been fixed on 18th October 2022. The rights issue size is Rs. 399.80 crores and issue price has been fixed at Rs. 55 per equity share, Rs. 18.80 lower from its current share price of Rs. 73.80.

4. Alok Industries, DMART, HDFC Bank, ICICI Prudentia, Kesoram, L&T Infotech, NB Footwear are some of the companies which will post their results tomorrow.