Jubilant Foodworks| Three White Soldiers| Latest stock market news

(3 minutes read)

Stock name: Jubilant Foodworks

Pattern: Three White Soldiers

Time frame: Daily

Observation: The stock was in a downtrend for the last few weeks, but had later formed a double bottom, indicating exhaustion in selling and then broke out of the neckline of the double bottom pattern. We can also see volume increase at the breakout of the neckline. A classic bullish candlestick pattern Three White Soldiers has also appeared in this case, which gives additional confidence on the bullish side. Today the stock is making an inside bar and once the stock breaks the high of the previous green candle, it can head higher.

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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) Insurance behemoth LIC’s FY22 PAT is Rs. 4,043 crores compared to Rs. 2,900 crores in FY21, up 39 per cent.

2) GAIL India: “We will be investing Rs. 6,000 crores in the renewable segment in three years, and another Rs. 20,000 crores by 2030, which is contingent upon certain technical aspects on the hydrogen front that the company is working out," said Manoj Jain, chairman and managing director, GAIL. At present, GAIL is in the process of procuring a 10 mw facility for liquid hydrogen, which would be the largest in the country, and is on the lookout for an electrolyser.

3) Page Industries' Board of Directors had announced a 4th interim dividend of Rs. 70/- per equity share at its meeting held on 26 May 2022. The record date for interim dividend payment is 3 June 2022 and the stock will trade ex-dividend on 2 June 2022.