Federal Bank | Near a resistance | Latest stock market news

(3 minutes read)

Stock name: Federal Bank

Pattern: Near an important resistance 

Time frame: Daily 

Observation: Federal Bank has been facing a resistance at the 106 level from the past few weeks, despite good volumes coming near it. The stock is again at the same juncture and the volume built up is similar to the previous times it tested 106. If the stock closes decisively above 106, then it can head higher in the coming times. However, if it turns back again, we may see some selling pressure in the stock.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendations. Please consult your financial advisor before taking any financial decision. 

News for the day: 

1) Q1 FY23 result update: CG Consumer Electricals Limited: Consolidated sales are up 20% QoQ, however PBT is down by 20% QoQ. The management is of the view that the contraction in margins is due to higher cost of input material due to high inflation, but the margins will be back on track.

2) Maharatna stock GAIL today announced that it would consider issue of bonus shares at a board meeting scheduled on 27th July 2022. GAIL had issued a 1:1 bonus in July 2019, and comes with a dividend yield of 7%.

3) US private sector firms indicated the first contraction in business activity since June 2020, according to July flash PMI data from S&P Global. The downturn in output signalled a further loss of momentum across the economy. The downturn was led by a steep drop in the service sector activity, though production at manufacturers also fell marginally, down for the first time in over two years. The headline Flash US PMI Composite Output Index registered 47.5 in July, down notably from 52.3 in June to signal a solid contraction in private sector output.

4) Mr. Hemant Soren, Chief Minister, Jharkhand, launched 'Jharkhand Tourism Policy 2021'. The policy aims to revive, renew and revamp the tourism sector of the state, to provide a different dimension and perspective as to how the world views the state of Jharkhand. It targets to bring out the marvels of the state that has an enchanting mix of old world charms and new age excitements. Jubilant Jharkhand embarks on a journey to register its place as one of the most sought-after tourist destinations by 2025.

5) Apollo pipes, Asian paints, Bajaj auto, EIH hotels, Ethos, KEI industries, Larsen, Relaxo footwear, Sanofi India, Shoppers stop, Suven life sciences, Tata power, Ujjivan small finance bank, Union bank, United spirits, UTI AMC are amongst the companies that will be declaring their results tomorrow.

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