Delta Corp | Double bottom breakout | Latest stock market news
(3 minutes read)

Stock name: Delta Corp

Pattern: Double bottom breakout 

Time frame: Weekly

Observation:
Since April 2022, the stock was in a correction mode and had corrected ~50% from the top. It later started to consolidate and formed a double bottom pattern, which is a bullish reversal pattern.
Very recently, it has broken out of the neckline of the said pattern and once a stock breaks out of such a pattern, it usually covers distance equal to the height of the pattern as per technical analysis.

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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) Indigo expands in Central Asia and Africa. It will connect Nairobi and Jakarta, with direct flights from Mumbai in late July.

2) Zomato shares jumped over 7% today, triggered by news of an investor meeting. The stock has been in the news after Jefferies’ Global Head of Equity Strategy, Christopher Wood, picked-up Zomato in his India Long-only portfolio. The weight of the stock is 4%. Also, there are reports of revision of discounts on ONDC, which is building a positive sentiment.

3) Spandana Sphoorty Financial, the microfinance company, announced today that its board has approved raising ₹100 crore through the issue of Non-Convertible Debentures (NCDs) with a green shoe option of ₹50 crore, on a private placement basis.