There are no items in your cart
Add More
Add More
| Item Details | Price | ||
|---|---|---|---|
Stock name: Bank-Nifty
Pattern: At Pre-covid All Time High (ATH)
Time frame: Weekly
Observation: Bank-Nifty had made an ATH of around 32,800 during the pre-covid times. The index has corrected significantly during the past few weeks and is currently trading very close to the previous ATH. Also, the same level more or less coincides as a neckline for an apparent Head and Shoulder. If the index breaks this level, it will lead to more weakness in banks. However, if the level is respected, it can be considered to be a retest of the previous breakout and the index can continue its upwards journey.
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) Adani Group, which recently acquired Holcim’s local businesses in India’s biggest cement takeover, is in talks with more than a dozen foreign banks to raise up to $4.5 billion through a mix of overseas loan instruments, multiple bankers aware of the negotiations told ET. Proceeds from the latest round of fundraising will be used to part-finance the acquisition of Holcim’s stakes in the two cement companies – Ambuja Cements and ACC.
2) As the Communications Platform as a Service (CPaaS) market is experiencing robust tailwinds, driven by increasing mobile penetration, growth in digital transactions, and increasing need for digital communication with end customers, Route Mobile expects revenues to grow by at least 40% in FY23. “Our growth guidance is the basis of the visibility of our strong pipeline and the market dynamics,” said Route Mobile MD and Group CEO Rajdip Gupta in his interview with ETMarkets.
3) US consumer inflation in May 2022 reached its highest level in more than four decades as surging energy and food prices pushed prices higher. The Labor Department on Friday said that the consumer-price index increased to 8.6% in May from the same month a year ago, marking the highest reading since December 1981.