Stock name: Naukri

Pattern: Head and Shoulder break down

Time frame: Daily

Observation:

The stock is in a downtrend and has recently broken down from a head and shoulder pattern and is trading below the neckline. Once the stock breaks down from such a pattern, it generally travels the distance equal to the difference between the top of the head and the neckline, distance being taken from the neckline.

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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) Q3 results update: LTIMindtree
Consolidated revenue 25% up YoY
Consolidated PBT down 7% YoY
Margins fell to 16%, lowest in last many quarters

2) REC Ltd.'s board will meet next week on Monday, January 30, 2023 to consider and declare the proposal for interim dividend for the financial year 2022-23, if any along with announcing its earnings for the third quarter ended December 2022 (Q3FY23).

3) Apple has become the first company to export smartphones worth $1 billion in a month from India, a report by the ET said. December saw India's highest mobile phone exports, valuing over Rs. 10,000 crores.

4) EaseMyTrip today announced that it would start establishing offline retail stores under a franchise model in India. Through EaseMyTrip Franchise, the online travel tech firm will allow the customers to have an in-store retail experience, it said in a regulatory filing.

5) Allsec Technologies, Apollo Pipes, Bliss GVS Pharma, Cartrade Tech, Colgate, Geojit, Granules India, HDFC AMC, Latent view, Maruti Suzuki, Nazara, Pidilite Inds., PNB Housing Finance, Quick Heal, SBI Cards, Sona BLW, Star Housing, Tata Coffee, Tatva Chintan, TVS Motors, UCO Bank and United Spirits are amongst companies which will post their quarterly results tomorrow.