City Union Bank | Breakout | Latest stock market news (3 minutes read)

Stock name: City Union Bank

Pattern: Breakout

Time frame: Weekly

Observation:

The stock is a slow-moving stock, but has today given a breakout of the downward sloping trendline in the weekly time frame. The stock has previously been facing a stiff resistance in the zone of 180 to 200 since September 2021. If this zone is not broken, we may see some down fall again. However, if the stock breaks this zone with good volumes, then this may indicate a start of a fresh rally in this stock for the long term.

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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) Q1 FY23 result update: EID Parry: Consolidated Revenue at 7,146 crores, up 26% QoQ Consolidated PBT at 665 crores, up 14.4% QoQ Operating profit margin stable at 10%.

2) NBCC wins multiple order worth 2.5 billion rupees.

3) The Great Eastern Shipping Company (Rs 5.4 per share) and Vaibhav Global (Rs 1.5 per share) had announced their interim dividends.

4) Apollo Hospital, Aster DM, Aurobindo Pharma, Bata India, Bharat Forge, CG Vak, Expleo Solutions, Greaves Cotton, Gujarat Ambuja Exports, Himadri Speciality, KNR Constructions, KSB Pumps, Page Industries, QuessCorp, Sapphire Foods, Tilaknagar Industries and Wonderla are amongst the companies that will be declaring their results tomorrow.