Ceat Ltd| Break out | Latest stock market news(3 minutes read)

Stock name: Ceat Ltd

Pattern: Breakout

Time frame: Daily

Observation: Ceat Limited has been trading near its resistance level for the last couple of days and yesterday the stock gave a breakout from its Resistance with good volumes. A further up move can be expected in the stock amidst good automotive sale numbers for the Month of July 2022.

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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) ITC limited has exited from the lifestyle retailing business following a strategic view of the business portfolio. The Company entered the lifestyle retailing business more than two decades ago under the Wills lifestyle brand.

2) The seasonally adjusted S&P Global India Services PMI Business Activity Index stood at 55.5 in July, from 59.2 in June, which was the highest figure in over 11 years. The latest reading indicated the slowest rate of growth in four months.

3) The Competition Commission of India (CCI) on Tuesday approved the proposed Rs 4,500 crore deal wherein the Bandhan Financial Holdings-led consortium will buy stakes in IDFC Asset Management and IDFC AMC Trustee. The consortium includes private equity firm Chrys Capital and Singapore's sovereign fund