Gujarat Gas| Double top | Latest stock market news(3 minutes read)

Stock name: Gujarat Gas

Pattern: Double top

Time frame: Daily

Observation: The stock was in a downtrend and had later made a double bottom, indicating exhaustion in selling. However, after going upwards for a very brief period of time, the stock has now made a double top and has broken the neckline of the double top, indicating bearishness. Further, the stock has made 2 big red candles in the last 3 candles, indicating intense selling coming in this 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) Shares of food delivery platform Zomato dropped as much as 3% in early trade today. According to the media reports, Zomato’s board is likely to meet on June 17 to clear a proposal to acquire quick commerce startup Blinkit, almost two years after the two entities first discussed a potential deal. According to reports, Zomato will pay in its shares for the Blinkit deal. The allotted stake to Blinkit's shareholders will have a mandatory lock-in period of a minimum of 6 months. Under the proposal, Blinkit’s shareholders are expected to get a little less than 10 per cent stake in Zomato.

2) Shares of PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, tanked as much as 13 today after a reported bulk deal in the counter. According to a regulatory filing, Yashish Dahiya, Chairman and CEO of PB Fintech is said to be selling around 37.7 lakh shares of the company, which accounts for 0.84% stake. The stake, the release said, would be sold in the open market. However, post this stake sale, Dahiya would not be selling any further stake in PB Fintech for a period of one year.

3) RBI Governor Shaktikanta Das is expected to announce the MPC’s key decisions regarding key interest rates, CRR and policy amendments on June 8.