Stock name: Navin Flourine

Pattern: Breakout

Time frame: Weekly

Observation: The stock has been consolidating since May 2021 in a wide range and has very recently broken out of the said range (range is marked in the image below). The break out was also on the back of very huge volumes.
If the stock sustains above the level of 4400 for some days and shows strength, then we may see some good up-move in this stock. However, if the breakout fails and the stock enters back the range again, then we may see pro-longed sideways action again.

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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 result update: Godrej Consumer Products:
Revenue at 3,125 crores, up 7% QoQ
PBT at 454 crores, up 18% QoQ
OPM at 17%, on an overall reducing trend

2) India's retail inflation based on the Consumer Price Index (CPI) eased to 6.71% in July 2022 compared with 7.01% in June. The government has mandated the RBI to maintain retail inflation at 4% with a margin of 2% on either side.

3) India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 12.3% in June 2022 on a YoY basis. Industrial production grew 19.6% in May 2022 YoY basis.

4) Samvardhana Motherson International Limited's (formerly Motherson Sumi Systems Limited) board will meet today to consider the proposal for bonus equity shares of the company.