Nestle | Consolidation near resistance zone | Latest stock market news

(3 minutes read)

Stock name: Nestle

Pattern: Consolidation near resistance zone

Time frame: Daily

Observation: The stock has been trading in a range for sometime but had fallen with the markets in the recent few weeks. Similarly, when the markets recovered, the stock also showed fantastic recovery. The stock is currently trading very close to the resistance zone created in September 2021 and the same resistance zone has a confluence of Pivot point and R1 level as can be seen in the chart below. Once the stock crosses these levels (20,800), we should be able to see some good upside momentum 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1) IRCTC has informed exchanges that it has withdrawn the e-tender for appointment of consultant for data monetization. The stock has slipped more than 7% today.

2) Ruchira Papers board will meet on 30 August to consider issue of bonus shares to its shareholders.

3) Communications Minister Ashwini Vaishnav said India is ready for launch of 5G services by October this year.

4) Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy will see a growth rate of 7.4% in the current fiscal as well as in the next year. She said IMF and the World Bank have projected India's growth to be the fastest for the next two fiscal years, and their estimates are in sync with that of the RBI.