Insecticides India | Cup and Handle pattern | Latest stock market news

(3 minutes read)

Stock name: Insecticides India

Pattern: Cup and Handle pattern

Time frame: Daily

Observation: The stock is more or less in a sideways range and has formed a Cup and a Handle pattern. A double bottom pattern can also be seen here. The stock is currently trading near the neckline (resistance line) of the cup and handle pattern and is trying to break out from here. The volumes are very good, indicating strength in buyers.

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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) Indian Oil Corporation declared its consolidated PBT for the quarter ended March 2022 at Rs. 9,891 crores, up 23.39 per cent from the previous quarter. It board also approved a bonus issue in the ratio of 1:2 with the record date of 1^st July. The board has also recommended a final dividend of Rs. 3.60 per equity share having face value of ₹10 each (pre-bonus), which translates into final dividend of ₹2.40 per equity share having face value of ₹10 each (post-bonus) for financial year 2021-22. The record date for dividend will be announced later.

2) Tata Power will be partnering with Hyundai Motor India (HMIL) to build an EV charging network, the company informed exchanges on Tuesday. Currently, all 34 HMIL dealer locations are equipped with AC 7.2 kW chargers, and the company aims to expand the fast charging infra network across its pan India dealerships, the company said.

3) Shares of Ruchi Soya climbed nearly 8 per cent today as the company’s board has decided to renamed the company to 'Patanjali Foods' and entered into a business transfer agreement with Patanjali Ayurved to acquire the latter's food retail business for Rs. 690 crore.

4) Alkyl Amines, Ashok Leyland, Bosch, Chambal fertilisers, Container Corp, Godrej Consumer, Gravita India, HPCL, Kirloskar Oil, Navkar Corp, Prince Pipes, Rossari are amongst companies that will declare results tomorrow.