BHEL | Near a resistance | Latest stock market news(3 minutes read)

Stock name: BHEL

Pattern: Near a resistance

Time frame: Daily

Observation: The stock has been in a downtrend since June 2021, but has formed a double bottom pattern lately and has bounced off it. Currently the stock is trading very close to a resistance zone, which acted as a support earlier. Once the stock closes above the said zone (60 level) and sustains for a few days, we can see some upside move in this stock.

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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) The union cabinet has approved to restore interest subvention on short term agriculture loans to 1.5% for all financial institutions. Thus, interest subvention of 1.5% will be provided to lending institutions for the financial year 2022-23 to 2024-25 for lending short term Agri-loans upto Rs. 3 lakhs to the farmers.

2) Shares of Indo Amines rallied 20% cent in today’s trade after the company said it has received environmental clearance for the expansion of production of synthetic organic chemicals at its manufacturing plants in Thane and Dhule, Maharashtra.

3) Reports suggested that private equity major Blackstone has sold Sona BLW Precision Forgings Ltd’s shares worth Rs. 3,971.7 crores via block trade today.

4) Small-cap auto component company Bharat Gears Ltd. has informed the Indian exchanges that its board of directors are going to consider and recommend bonus issue in its meeting of finance committee scheduled on 19th August 2022.