IRFC | Support turned resistance | Latest stock market news (3 minutes read)

Stock name: IRFC

Pattern: Support turned resistance

Time frame: Daily

Observation: The stock has been in downtrend since listing and had found support at 21 Rs. for a long time. In June this year, the stock broke the support of 21 and fell 8% below the said level. The stock is currently trying to move up but the support of 21 will now act as an important resistance. While the stock is approaching the level of 21 Rs., even the volumes are not that good. Longs may become cautious here. If the stock breaks the level of 21 and sustains, then we may see some good upmove.

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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: IDFC First Bank: Total Income: At 5,777 crores Vs 5,384 crores in the previous quarter. Positive. Gross NPA: At 3.36% Vs 3.70% in the previous quarter. Positive. PAT: 474 crores Vs 342 crores in the previous quarter. Positive. NIM: 5.89% Vs 6.27% in the previous quarter. Negative.

2) HDFC increased its benchmark lending rate by 25 basis points, a move that will make loans dearer for both existing and new borrowers. The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later next week. It is widely expected that MPC would hike interest rates to tame high inflation.

3) The domestic oil marketing companies have cut Aviation Turbine Fuel (ATF) prices by 12% to Rs. 1.21 lakh per kilolitre in Delhi. From Rs. 1,38,147 per kilolitre earlier, ATF prices has come down to Rs 1,21,915 per litre in Delhi.

4) Coal India has fixed 12 August 2022 as the Record Date for the purpose of determining the members eligible to receive final dividend (3 Rs. per share) for the FY 2021-22.

5) Adani Green Energy, Bank of India, Bosch, Brigade Ent., Deepak Nitrite, Dhanuka Agritech, Gati, Geojit Fin., GIC Housing Finance, Godrej Properties, Gravita India, J Kumar Infra., LemonTree Hotels, Paradeep Phosphates, RPG Life, Savita Oil Tech., Siemens and Voltas are amongst the companies that will be declaring their results tomorrow.