Stock name: Craftsman Automation

Pattern: Trendline support

Time frame: Weekly

Observation:

This is a strong stock but has been correcting for the past couple of months.

If we see the weekly time frame, the stock seems to be taking a support on the weekly trendline and has bounced from there.

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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) ZEEL informs Tribunal that they and Indusind Bank have settled the dispute

2) Shares of Jindal Stainless rose ~4% to Rs. 290 in today’s trade after the firm said it has acquired a 49% stake in Indonesia-based Nickel Pig Iron Company. Jindal Stainless signed a joint venture agreement with an Eternal Tsingshan unit to develop a greenfield 2,00,000 metric tonne nickel pig iron plant in Indonesia.

3) Piramal, TPG on verge exit from Shriram General Insurance Holdings, likely to sell combined stake of 30% in the company at an enterprise valuation of $2 billion, say sources.