Network 18 Media| At a crucial support zone | Latest stock market news

(3 minutes read)

Stock name: Network 18 Media

Pattern: At a crucial support zone

Time frame: Daily

Observation: The stock has been hammered approx. 50% in the last few days, along with other some other stocks of the same sector. The stock has stabilized now at the major support zone, implying exhaustion in selling. Also, price as well as RSI are not making lower lows.

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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) Shares of Deepak Nitrite declined nearly 5.5% in early trade today amid reports that the Gujarat government has issued a closure notice to the company over the Nandesari explosions. The scrip has shed almost 10% in the last five sessions after last week’s fire breakout at the Deepak Nitrite’s plant located at Nandesari Industrial estate near Vadodara.

2) Agriculture and construction equipment maker Escorts is looking at a capital expenditure of Rs. 350-400 crores in the ongoing financial year, enthused by a pick-up in demand due to an increase in economic activity. The farm sector is seeing some positive tailwinds, amid strong crop prices and expectations of normal rains this monsoon season. This is expected to encourage farmers to spend more on purchasing tractors and other farm equipment.

3) Vedanta Ltd. on Wednesday said it has pledged 5.77% stake in Hindustan Zinc Ltd. for a term loan of Rs. 8,000 crores. The announcement comes days after the Cabinet Committee on Economic Affairs (CCEA) approved the Government's 29.5% stake sale in Vedanta group firm Hindustan Zinc.

4) Future Enterprises Ltd. has defaulted on payment of interest of Rs. 1.41 crores for its non-convertible debentures. The due date for payment was 6 June 2022, Future Supply Chain Solutions Ltd, said in a regulatory filing.