Canara Bank| Head and Shoulder breakdown level | Latest stock market news

(3 minutes read)

Stock name: Canara Bank
Pattern: Head and Shoulder (Bearish)
Time frame: Daily
Observation: The stock was recently in an uptrend but has now formed a head and shoulder pattern and is currently trading at the neckline of the pattern. The neckline is a make or break level for the stock. If respected, the stock can resume its upwards journey. But if the neckline is broken, the stock can correct significantly from the current levels.

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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) Q4 2022 result update: Deepak Fertilisers sales stood at 2012 crores (up 2.86% as compared to the previous quarter) and PBT stood at 420 crores (up 57.30% as compared to the previous quarter). The sales and the profit figures are the highest in the past 10 quarters.

2) GMM Pfaudler's board at its meet on Wednesday considered and recommended the issue of bonus equity shares in the ratio of two new equity shares for every one existing equity share held (1:2), subject to approval by the shareholders and any other regulatory approvals. The company said that the bonus shares will be credited to those shareholders who are holding the equity shares as on record date 12 July. The board also recommended final dividend of Rs. 3 per equity share for the financial year 21-22, subject to approval of the shareholders at the ensuing AGM. Total dividend for financial year 21-22 (including interim dividend) would be Rs. 6 per equity share (pre-bonus) compared to ₹5 (pre-bonus) paid in financial year 2020-21.
3) Godrej Consumer Products has rewired its business structure as a global category organisation to leverage global scale and ambitions. Sudhir Sitapati, who took charge as the managing director and chief executive at GCPL in October 2021, said in an exclusive interview that the move would help the company think local, but act global, as well as centralise strategy, product development, innovation and brand communication for its three core categories: household insecticides, hair colour and air care.
4) Astral, Bajaj Steel, BEML, CG Consumer, City Union Bank, Deccan Poly, Force Motors, Nykaa, Future consumer, GAIL, India Cements, Naukri, Jindal Steel, JSW Steel, Lemon Tree, Mangalam Organics, RCF, Ruchi Soya, VRL Logistics are amongst companies which will declare their results tomorrow.