Stock name: Apollo Tyres

Pattern: Rounding Bottom

Time frame: Monthly

Observation:

The stock has given a breakout of its previous all-time high but is not showing signs of continuing momentum. We can see upper wicks on monthly candles. Currently, the stock is standing right at the breakout point and if it goes below it, it would indicate weakening of bulls.

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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) Tata Group has filed papers with market regulator SEBI to launch the IPO of Tata Technologies. The IPO is purely an OFS by the promoter Tata Motors and two other existing shareholders and doesn't involve any fresh issue of shares.

2) With 33% of India’s oil import consistently coming from Russia, Iraq has reached out to refiners here with offers to open discussions on what level of discounts would be needed to lure them back, several people in the know said.

3) In two successive merger and acquisition transactions, Manipal Health Enterprises is set to acquire Emami Group’s stake in AMRI Hospitals at a valuation of Rs. 2,350 crores in the next few days.