Polycab | Entered in the range again after the breakdown | Latest stock market news

(3 minutes read)

Stock name: Polycab
Pattern: Entered in the range again after the breakdown
Time frame: Daily
Observation: The stock has been trading in a range since September 2021 and had recently broken the support levels of Rs 2161. After breaking down, the stock did not pick up bearish momentum, rather is consolidating around the support levels of Rs 2161 and has entered back in the range again (range of 2161 to 2760), with high volumes. If the stock stabilises in this range for a few days, we may see upward momentum till 2760 levels (higher end of the range).

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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: Can Fin homes: Revenue up 9% QoQ, PAT 33.5% up QoQ. Gross NPA at 0.65% (0.64% in previous quarter), NIM at 3.6% (4.07% in previous quarter).

2) The board of Quickheal Limited approved the buyback of up to 50,00,000 equity shares, totalling 8.6% of the total paid-up equity share capital of the company, for an amount not exceeding Rs. 150 crores at Rs. 300 per equity share. The current market price is 213 Rs. The other details will be declared in the due course. The buy back will be done through the tender offer route.
3) The Reserve Bank of India announced its decision to reschedule the MPC meeting to August 3-5, 2022, due to administrative exigencies.
4) ITC Chairman and MD Mr. Sanjiv Puri said on 21 July that the demerger of the conglomerate's hotel business is “very much on the table”, following the recovery in the hospitality industry after COVID-19.
5) E-Mudhra, ICICI bank, Kotak Mahindra Bank, Navin Flourine and Yes bank are amongst the companies that will be declaring their results tomorrow.