Stock name: IIFL Securities

Pattern: Gap resistance

Time frame: Daily

Observation:

After a 60% crash in the stock prices since July 2021, the stock had started a pullback and had moved up by ~50%. However, this rally was short live as SEBI passed an order barring it from adding new clients for the next 2 years. Further to this, the company appealed to SAT and SAT has put SEBI’s order in hold till further directions and hence the stock is witnessing an up move.

However, as per technical analysis, the upper end of the gap down is acting as a resistance and only once the same is crossed, we can see a fresh up-move in this counter.

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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) IIFL Securities: SAT stays SEBI order against the company till further directions

2) SEBI has approved the IPO of Tata Technologies, which would be the first public issue from the Tata group after 19 years

3) Go First's lenders approve $55 Mn fund infusion to revive carrier: Reports