Stock name: Happiest Minds
Pattern: Trading above a good resistance
Time frame: Weekly
Observation: After a stellar listing, the stock continued to rise by 400%. With the markets, the stock as well started to tumble in Sept. 2021 and has been in a downtrend since then. A couple of weeks back, the stock broke the important resistance level of 947 and is sustaining above the same. We may see some good upside momentum in this stock if the price action going forward is impressive.
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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) Q1 FY23 result update: Dabur India Limited:
Revenue up 12% on QoQ basis.
PBT up 44% on QoQ basis.
OPM at 19%, lower than some previous quarters, due to high inflationary pressure.
2) EaseMyTrip Thailand signs an exclusive General Sales Agreement with SpiceJet Airline to sell, promote and market passenger tickets, effective 1st September. Commenting on the occasion, Nishant Pitti, CEO and Co-Founder, EaseMyTrip, said, “Thailand is a very important market for the travel and tourism industry and we are seeing a huge pent-up demand in the market.”
3) RBI hiked the policy repo rate by 50 basis points to 5.4%, as it requires to suck more liquidity of the system.
Real GDP growth is retained at 7.2% for FY 2022-23 (Positive).
4) Advanced Enzymes, Affle India, Amara Raja batteries, Apex Frozen, BPCL, HBL Power, HPCL, Khadim India, MGL, Marico, NRB Bearings, Rossari, SBI and Vinati Organics are amongst the companies that will be declaring their results tomorrow.