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| Item Details | Price | ||
|---|---|---|---|
Stock name: HDFC Life
Pattern: Pole and Flag
Time frame: Daily
Observation: The stock was in a downtrend since late 2021 and had later entered into consolidation phase. It has currently made a pole and a flag pattern in the daily time frame and is currently trading in a very narrow range. In such a pattern, once the stock breaks out of the flag, it covers the distance equal to the size of the pole.
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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) Adani Transmission Limited (ATL) today announced that it has signed a share purchase agreement with Essar Power to acquire a 100 per cent stake in Essar Power Transmission Company (EPTCL). "With this acquisition, ATL is well on the path to achieve its 20,000 circuit kms target before time. We continue to remain at the forefront of grid stability and provide sustainable, reliable, and affordable energy solutions while creating long term sustainable value for our stakeholders,” ATL MD & CEO Anil Sardana was quoted as saying in a PTI report.
2) Oil prices rose more than $2 in early trade today after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC agreed to accelerate its output increases over the next two months. Increase in oil prices stands as a cause of concern for the markets.
3) The Employees' Provident Fund Organisation (EPFO) is weighing a proposal to raise its investment limit in equities to as much as 25% of incremental flows from the existing 15%, said people familiar with the matter. The higher exposure to stocks is aimed at helping it bridge the shortfall in returns with investment in debt securities struggling to help it reach targets. If the equity investment limit increases to 25%, EPFO could potentially pump about additional Rs. 14,500 crores into the stock market every year. Further, the government has approved an 8.1% rate of interest on (EPF) deposits for 2021-22. It stood 8.5% in the year earlier.