ITC | Pole and Flag pattern breakout | Latest stock market news(3 minutes read)

Stock name: ITC

Pattern: Pole and Flag pattern

Time frame: Daily

Observation: ITC has broken out of a pole and flag pattern and is also showing up follow through strength. The volumes were overwhelming on the breakout and hence we can say that the bulls are in charge. Once the stock breaks out of such a pattern, it covers the distance equivalent to the pole, distance being taken from the break out point.

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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) IDFC First Bank has reported interest income of Rs. 4553 crores during the Q4 2022, up 2.79% from the previous quarter. The GNPA has reduced from 3.96% to 3.7% and the NNPA has reduced from 1.74% to 1.53%.

2) Equitas Small Finance Bank shares tumbled about 12 per cent today as its founder and CEO is seeking to hang up his boots. P N Vasudevan, the founder and CEO of the private lender, has asked it to look for his successor as he wants to pursue 'a distinct set of goals' in life.

3) Birlasoft share buyback: The Board of Directors of Birlasoft is going to consider share buyback next week when they will sit for their scheduled meeting on 23rd May 2022. The IT company management informed about the share buyback plan in exchange communication.

4) Aarti Surfactants, BHEL, JK Cement, Pokarna, Power Grid, Redington, Shree Cements amongst companies which will declare their results tomorrow.