Stock name: Bajaj Finance
Pattern: Trading at an important trendline resistance
Time frame: Daily
The stock has been following the channel as shown in the image below since Sept. 2021 and is currently trading at the top end of the channel. If the stock shows signs of weakness here, it may indicate that it may continue to follow the said channel and hence we may see movement of the stock inside the shown channel for the coming times. However, if the stock breaks out of the channel, then it may start a fresh rally after a retest.
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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) Q1 FY23 result update: PI Industries: Revenue up 10% on QoQ basis. PBT up 17% on QoQ basis. OPM constant at 22%.
2) Bharat Electronics Ltd (BEL) on Monday had informed the exchanges that its board will meet today (4th August) to consider the proposal of the issuance of bonus equity shares.
3) Airtel to start 5G roll out from the month of August itself. Airtel announced that it has signed pacts with gear makers like Ericsson, Samsung, Nokia etc. to commence deployment this month.
4) Zydus Life receives final approval from the USFDA for Ivermectin cream.
5) Chinese military carried out precision strikes in eastern part of Taiwan Strait and projectiles have been fired by Chinese army into Taiwan Strait: Armed Forces Police
6) Akzo Nobel, CAMS, CCL Products, Emami Paper, Fortis Health, Nykaa, Graphite India, Indigo Paints, IRB Infra, M&M, Minda Corp., NMDC, Paytm, Pfizer, Pix Transmission, R Systems International, Raymond, Rolex Rings, SML Isuzu, Sudarshan Chemicals, Titan, UCO Bank, Venkys, Zensar Tech are amongst the companies that will be declaring their results tomorrow.