Stock name: Ambuja Cements

Pattern: Double bottom

Time frame: Daily

Observation:

The stock after rising very quickly in the previous quarter, has now gone into a consolidation. It witnessed severe selling pressure in the recent few days, however on very low volumes.

Bearing with the selling pressure, the stock has taken support at the level around which it earlier also took support (485) and hence we can see a double bottom pattern in formation in this stock.

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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) Dilip Buildcon wins order worth 36,000 crores INR, stock up 3.5%

2) Dabur India Ltd. has stated that it has acquired a 51% of the equity shares of Badshah Masala.

3) Indian state-run companies will continue to be exempt from the minimum public shareholding norm that requires listed companies to maintain a 25% public shareholding, a government notification said late on Monday.