Stock name: Divis labs

Pattern: Bearish momentum

Time frame: Weekly

Observation:

The stock has been in a downtrend and has fallen almost 45% in the past 1 year. Recently the stock posted its quarterly earnings and saw volume-based selling. We can see that the stock is near the break away gap created by it in August 2020 and if this gets broken, we may see even more bearishness in this counter.

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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) Q3 results update: MCX India
Consolidated revenue 60% up YoY
Consolidated PBT 6.66% up YoY
OPM at 22%, down from 42% in corresponding YoY quarter

2) United Drilling Tools: Company signed license agreement with Interpipe Ukraine LLC, expects to tap additional business worth 2-3 Bn Rs. per year with this alliance

3) Automobile sales grew 14% in January YoY as festivals, weddings and more money in the rural economy helped demand, said an industry association on Monday.

4) Adani Green Energy, Adani Ports, Aditya Birla Fashion, Ambuja Cements, Astral Limited, Barbeque Nation, Bayer Crop Sciences, Bector Foods, Bharat Dynamics, Bharti Airtel, CAMS, Chambal Fertilisers, Deepak Nitrite, Dynamic Cables, GNFC, GSFC, Hero Motocorp, IOL Chemicals, Madras Fertilisers, Morganite India, Navin Flourine, NDTV, NHPC, RCF, Thermax and Wonderla are amongst the companies which will post their quarterly results tomorrow.