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BSE | Going above support turned resistance | Latest stock market news
(3 minutes read)

Stock name: BSE

Pattern: Going above support turned resistance

Time frame: Daily

Observation:  BSE started a fresh uptrend after the 2020 fall lows as more and more participants started entering into stock markets, which as such is beneficial for the exchanges as they collect various types of charges on trades undertaken.

The stock made a high in March 2022 and then corrected substantially (approx. 50%) from the top. The level of 622, which had acted as a support earlier was broken down and ideally should have acted as a resistance, but got taken out a few days back, indicating participants’ interest in buying. Also, if we see the Fibonacci, then 667 is an important Fibonacci level, which if gets taken out, then the stock can head further higher.

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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 RBI yesterday announced certain measures to settle international trades (invoicing, payment and settlement) in INR, in order to promote global trade with emphasis on exports and imports with India.

2) Crompton Greaves approved allotment of Non-Convertible Debentures upto 3.25 Bn INR on private placement basis.

3) REC has become ex-dividend today. Out of the fall of 5.5 Rs today. 4.8 Rs. is just a dividend adjustment.

4) Anand Rathi, Delta Corp, Goa Carbon, HCL Tech, Swiss Military, Trident Texofab are amongst the companies that will declare their Q1 results today. Further, Guj Hotels, Mindtree, Tata Metaliks are amongst the companies that will declare their Q1 results tomorrow.