Bajaj Finserv| Cup and Handle | Latest stock market news(3 minutes read)

Stock name: Bajaj Finserv
Pattern: Cup and Handle
Time frame: Daily
Observation: On a Daily time frame, a cup and handle formation can be seen on the charts. The stock surged more than 8% after the company announced the record date for the 1:1 bonus issue. Currently, the stock is trading near to the resistance and if it sustains above the resistance then we may expect an up move in the coming days.

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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) Aditya Birla and Fashion retail limited (ABFRL) received approval from the Competition Commission of India for the acquisition of a 7.49% stake by Caladium Investment Pte Ltd Singapore-based company by way of preferential issue of equity and warrants.

2) Reliance Industries has acquired soft drink brands Campa and Sosyo from Pure Drinks group as part of its strategy to scale up the FMCG business. The deal is estimated at around 22 crore rupees.

3) Power Grid Corporation of India Limited has been designated as the winner in a tariff-based competitive bidding (TBCB) process to develop an inter-state transmission system for the "System Strengthening Scheme for Eastern and North Eastern Regions" on a build, own, operate, and transfer (BOOT) basis.