Stock name: HDFC AMC

Pattern: Breakout

Time frame: Weekly

Observation:

We had covered HDFC AMC on 18^th April indicating that it was in the process of creating a double bottom pattern. As per Technical Analysis (TA), it is a bullish reversal pattern. Today, it has broken the neckline of the said pattern. As per TA, once such a neckline is broken, it usually travels a distance equal to the height of the double bottom pattern.

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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) ABB India has been awarded an electrification and automation contract for ArcelorMittal Nippon Steel.

2) Shares of MCX tanked 12% today after a further delay in delivery of the trading software by TCS forced MCX to continue with existing vendor.

3) Shares of HDFC AMC jumped nearly 11%, triggered by SEBI’s decision to defer the overhauling of TER (Total Expense Ratio) regulations.