BHEL | Inverted head and shoulder pattern | Latest stock market news
(3 minutes read)

Stock name: BHEL

Pattern: Inverted head and shoulder pattern

Time frame: Weekly

Observation:

The stock has been in a downtrend since 2010, hitting lows during the COVID period and remaining below 100 rupees. It has formed a bullish pattern of inverted head and shoulders during recent period on its weekly charts. During last week of July 2023, a breakout candle appeared with average volumes. As per technical analysis if the stock manages to hold above this breakout level, it may signal a potential reversal and upward movement.

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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) Bajaj Auto, India's top motorcycle and three-wheeler exporter, is setting up its first overseas manufacturing plant in Brazil to strengthen its presence in the region and gain insights into product development and customer behaviour.

2) Ather Energy has joined forces with BPCL to extend its charging infrastructure. The collaboration grants Ather access to BPCL's extensive network of more than 21,000 fuel stations across India, facilitating the installation of Ather's public fast-charging grid.

3) Reliance General Insurance receives a capital infusion of Rs 200 crore from its parent company, Reliance Capital, with the approval of the lenders. The move aims to bolster financial strength, seize emerging opportunities, and maintain a competitive position in the insurance market.