Stock name: Elecon Engineering

Pattern: Fresh Breakout

Time frame: Daily

Observation:

The stock is an up-trending stock and has broken out a cup and handle pattern today.

Once a stock breaks out of such a pattern, it usually covers the distance equal to the distance between the neckline of the pattern and the bottom of the cup. We can also see clear volume expansion happening.

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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) Q4 result update: Care Ratings
Revenue at 78 crores, was 66 crores in March 2022
PBT at 34 crores, was 27 crores in March 2022

2) Adani Transmission and Adani Total Gas stocks tanked today following their ouster from the MSCI Global Standard Index. These exits come in the wake of changes in the MSCI Global Standard Index for the May 2023 review. The adjustments will take place on 31 May 2023.

3) Shares of Eicher Motors shot up nearly 7% today after the company reported better than estimated March quarter results on Thursday. Eicher Motors reported a 48% jump in its consolidated net profit at INR 905 crores for the quarter, compared with INR 610 crores in the same quarter last year.

4) Advanced Enzymes, Affle India, D Mart, Data Patterns, DNL, Navin Flourine and Neogen are amongst the companies which will post their quarterly results tomorrow.