Lumax Industries | At an important resistance trendline | Latest stock market news(3 minutes read)

Stock name: Lumax Industries

Pattern: At an important resistance trendline

Time frame: Weekly

Observation: Lumax Industries is currently trading at a very crucial resistance trendline in the weekly time frame. Recently the volume support has also been good. If the stock breaks out of this, we may see some good upmove. However, as the stock has been a downtrending stock, there will be profit booking at every 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 update: HCL Tech’s constant currency revenue came in at $3,024.9 million, up 1.1% sequentially and 11.2% YoY. Sequentially, the PAT declined by 8.62%. The company also declared a dividend of Rs. 10 per share.

2) Shares of Bajaj Healthcare surged over 7% in today’s trade after the company announced their entry into the highly regulated opiate processing business after receiving tenders from the government of India. BHL is the first private player to be awarded a tender for the highly regulated, government-owned business of opiate processing in India. The company plans to execute these tenders at their API manufacturing unit located at Savli, Gujarat.

3) The annual inflation rate in India edged down to 7.01% in June of 2022 from 7.04% in the previous month, and below market expectations of 7.03%.

4) ACC, Angel One, Bombay Burmah, GTPL Hathway, L&T Infotech, Shakti Pumps, Tata Steel Long are amongst the companies that will declare their Q1 results tomorrow.