Stock name: LTTS

Pattern: Stock near resistance

Time frame: Daily

Observation:

LTTS with the whole IT sector has been in a downtrend for about a year and has recently shown a sharp up-move with good support from the volumes. The stock has also broken a previous swing high resistance of 3940 and is currently retracing down after a quick up-move. Once the stock takes out the green candle high of 4320, we can see resumption of the up-move in the stock.

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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) RBI governor says factors of growth will obviously kept in mind when taking measures, hikes the repo rate by 35 basis points to 6.25%

2) Reflecting a decrease in the value of exports and an increase in the value of imports, the US Commerce Department released a report showing the US trade deficit widened in the month of October. The report said the trade deficit widened to $78.2 billion in October. It also said the goods deficit widened to $99.6 billion in October from $93.5 billion in September, while the services surplus increased to $21.4 billion from $19.4 billion.

3) Lancer Container Lines Ltd.: The Board of Directors of the company has fixed 16 December 2022 as the record date for the purpose of stock split which market watchers may give consideration. The Board recommended the Split of Ordinary Equity shares of the Company from Face Value of Rs. 10/- each to Face Value of Rs. 5/- each.