Bank of Baroda | Pivot point R1 crossover | Latest stock market news

(3 minutes read)

Stock name: Bank of Baroda

Pattern: Pivot point R1 crossover

Time frame: Daily

Observation: The stock is an up-trend since October 2020. The uptrend is not very strong as the stock is facing resistance due to profit booking again and again at higher levels, for the reason that it was a down-trending stock for a long time since 2014. The stock has started the June series by crossing the Pivot point R1 level today, which indicates strength. Also, the stock has recovered from its lows in the last few 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) Shares of Hero MotoCorp slid 3% today after the two-wheeler giant deferred the launch of its first electric two-wheeler on account of supply constraints amid geopolitical tensions. The automobile major had earlier announced that its EV, under the 'Vida' brand, would be launched in July 2022. The company said the shortage in availability of key manufacturing components has forced it to postpone the EV launch till the "festive season" later this year, reports said.

2) US Federal Reserve Bank’s President Mary Daly said on Wednesday that she sees a couple of half-point interest rate hikes ahead as the US central bank battles too-high inflation, lifting rates to 2.5% by the end of the year. “I see a couple of 50 basis point hikes immediately in the next couple of meetings to get there”, she said.

3) The Mittal family via promoter entities has talked to about half a dozen investment banks to raise around $2 billion (around Rs. 15,500 crores) via credit lines, people familiar with the matter said. The funds will be used to buy a small portion of Singapore Telecommunications' (Singtel) holding in Bharti Airtel. Currently the effective shareholding of the Mittal family in Bharti Airtel is 24.13% while that of Singtel is 31.72%.

4) Nestle India is looking to tap opportunities in new categories such as 'healthy ageing', 'plant-based nutrition' and 'healthy snacking' to boost growth in the country, its Chairman and Managing Director Suresh Narayanan said on Wednesday. He also said the company's existing businesses, ranging from nutrition, breakfast cereals and beverages to chocolate and confectionery, have headroom for penetration.