DMART | Break down of support level | Latest stock market news(3 minutes read)

Stock name: DMART

Pattern: Break down of support level

Time frame: Daily

Observation:

The stock is in a sideways trend for the last 2-3 months and was respecting the support of 4250. Today, on the declaration of the result, the stock has broken the support level with good volumes and we can also see a double top pattern. If the stock breaks the level of 4115 (38.2% retracement), we can see some more downfall 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. Q2 result update: DMART
Consolidated revenue up 36.57% YoY

Consolidated PBT up 31.69% YoY

On a QoQ basis, Revenue is up by 6% but PBT is down by 15.5%

2. Electronics Mart shares stock market debut with over 50% premium over the issue price.

3. Ace investor Shankar Sharma picks up stake in BLS International Ltd., stock up by 8%. Disclaimer: This is not an investment advice.

4. Elpro International Limited, Gujarat Flourochemicals, Hertiage Foods, HFCL, ICICI Lombard, KPIIT Tech, L&T Technology, Mahindra CIE, Network 18, Polycab, Praj Industries, Sonata, Tata Communication, TV 18 are some of the companies which will post their results tomorrow.