GNFC | Rounding bottom retest | Latest stock market news(3 minutes read)

Stock name: GNFC

Pattern: Rounding bottom

Time frame: Weekly

Observation: The stock had made a rounding bottom pattern in the weekly time frame and had broken out of it on very good volumes recently. The stock has come back near the breakout point to retest the same and seems to be holding up there. The only concern is that that retest also happened on very high volumes, which is not a good sign. The retest should ideally happen on lower volumes.

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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 2022 result update: Hindalco reported revenue of Rs. 55,764 crores (50,272 crores in the previous quarter) and PBT of Rs. 4,772 crores (5,213 crores in the previous quarter). In the corresponding quarter of the last year, it had reported revenue of Rs. 40,507 crores and PBT of Rs. 3,227 crores. Its board also recommended a dividend of Rs. 4 per equity share for the year ended 31st March 2022, subject to approval of shareholders at the ensuing AGM of the Company.

2) Paradeep phosphates listed today at Rs. 44, at a premium of 4.76% over its issue price.

3) Bector foods, CARE, Clean science, Finolex cables, Goa Carbon, Godfrey Phillips, Hind copper, Jindal worldwide, Krsnaa, M&M, Nureca, ONGC, Time Techno, Vadilal are amongst companies which will declare their results tomorrow.