CAMS | - DMI crossed + DMI | Latest stock market news(3 minutes read)

Stock name: CAMS

Pattern: - DMI crossed + DMI

Time frame: Daily

Observation: CAMS is currently in a downtrend and is consistently making lower highs. Today the (–) DMI line has crossed above the (+) DMI line, indicating bears getting in control and also the ADX value is greater than 20, indicating strength in this trend. We can observe that there was a high volume pullback in the recent days, but it could not break the previous high and the stock started falling again, indicating the pullback to be temporary.

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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) As the US struggles to tackle soaring gasoline prices and inflation, U.S. President Joe Biden is expected today to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters. Biden had disclosed on Monday he was considering whether to call for a pause in the tax.

2) ICICI Prudential Life Insurance has declared an annual bonus of Rs. 968.8 crore for the fiscal ended March 2022 to all eligible participating policyholders, up 12% from a year ago. This is the 16th consecutive year of bonus payment by the company. All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits, the company said. Generally, the bonus is given as a % of sum assured.

3) The Board of Savita Oil Technologies at its meeting held on 21 June 2022 has approved a stock split in the ratio of 5:1, meaning shareholders having 1 share will now have 5 shares and accordingly the market price per share will reduce to 1/5th.

4) The Association of Mutual Funds in India (AMFI) yesterday clarified that although the capital markets regulator SEBI has lifted the restriction on mutual funds to invest in foreign stocks, AMCs cannot breach the overseas investment limit. After the mutual fund industry crossed the mandated limit of $7 billion for overseas investments, SEBI had asked AMCs to stop taking fresh subscriptions in schemes investing in overseas stocks.