HDFC Life | Head and Shoulder | Latest stock market news(3 minutes read)

Stock name: HDFC Life

Pattern: Head and Shoulder

Time frame: Daily

Observation: The stock is in a downtrend and has consolidated for some-time around the current levels. During this consolidation, a head and shoulder pattern has been formed and hence we may infer that there is distribution going on in this stock. If the stock breaks down of the neckline of the said pattern, it can cover the distance equalling the distance between the head and the neckline.

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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: ICICI Prudential Life Insurance: Gross premium collections up 4.27% on YoY basis but down 40% on QoQ basis. VNB has grown by 31.6% on YoY basis. VNB margins also growing.

2) India's exports of agricultural and processed food products rose by 14% in the first three months of the current Financial Year 2022-23 (April-June) compared to the corresponding period of FY 2021-22. For the year 2022-23, the government had set an export target of USD 23.56 billion for the agricultural and processed food products basket under APEDA.

3) Govt. steps up bid to sell its stake in IDBI Bank to private investors / institutions and is in talks with a Canadian billionaire for the same.

4) HCL Tech has started trading ex-dividend today. The company had declared an interim dividend of 10 Rs.

5) Ceat, Cybertech, Gland, Hathway Cables, Havells India, Indusind bank, Mastek, Newgen software, Oracle financial services, Sasken tech, Wipro are amongst the companies that will be declaring their results tomorrow.