Stock name: HDFC AMC

Pattern: Double bottom

Time frame: Weekly

Observation:

The stock has been in a downtrend for a very long time and had recently pulled back, but again got sold into. However, the stock bounced off and respected the levels of 1700, and hence formed a double bottom pattern on a weekly time frame, which is a bullish reversal pattern.

However, one thing to be noted is that the buy entry as per such a pattern is only triggered when the neckline is broken.

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

News for the day:

1) Q4 result update: HDFC Bank

Consolidated net profit rose by 21% YoY
GNPA at 1.12%
Total deposits increased 21% YoY and total advances increased 16.9% YoY

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4) Alok Industries, Benares Hotels, Citadel Realty, Guj Hotels, ICIC securities, Mastek, and Tata Communication are among the companies which will post their quarterly results tomorrow.