Deepak Nitrite | Cup and Handle and Trendline breakout | Latest stock market news(3 minutes read)

Stock name: Deepak Nitrite

Pattern: Cup and Handle and Trendline breakout

Time frame: Daily

Observation:
The stock had been in a down-trend for sometime and had started to consolidate in the recent days. Very recently, the stock has picked up momentum and has formed a Cup and Handle pattern and has also broken out of the downward sloping trendline with good volumes. If the stock sustains above the neckline of the Cup, then we can some good upside momentum in the stock.

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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) India's industrial production (IIP) logged an annual growth of 2.4% in July, much weaker than June's 12.7% expansion, data released by the National Statistical Office (NSO) showed.

2) Union Minister for Road Transport and Highways Mr. Nitin Gadkari has called for investors from the US to come forward and invest in roads and highways projects in India. Gadkari said road infrastructure plays a critical role in the growth of the Indian economy as 70% of goods and nearly 90% of passenger traffic uses the road network to commute. He added that today India's national highway network has reached around 1,47,000 kilometers from 91,000 kilometers in 2014. The government is working towards expanding national highway network to 2 lakh kilometers by 2025, he added.

3) Shares of Bajaj Finserv started trading ex-split and bonus today.