Stock name: REC Limited

Pattern: Near a resistance

Time frame: Daily

Observation:

The stock has been consolidating since the last one year in a range of 88 to 108 and has very recently broken out of the high of 108. However, the stock has another resistance in the zone of 115, from which the stock is witnessing some selling pressure currently. If the stock sustains below 109, then we can see some downside 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) The Union Minister of Steel and Civil Aviation, Jyotiraditya Scindia has urged the Indian steel industry to move towards green and low carbon emitting production processes. Scindia added that as the fifth largest economy and second largest producer of steel, India needs to also become a responsible and sustainable producer of steel. He also said that India has ambitious expansion plans of doubling production capacity by 2030.

2) NSE received in-principle approval from SEBI to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. FM in her Union Budget speech of 2019-20, had proposed creation of a SSE, under the regulatory ambit of SEBI for listing social enterprises and voluntary organizations working for the realization of a social welfare objective, so that they can raise capital as equity, debt or as units like a mutual fund.

3) Union minister of Commerce and Industry Piyush Goyal and his Bangladeshi counterpart Tipu Munshi discussed the settlement of trade in Indian rupees in New Delhi on Thursday. The two countries will also likely develop a Free Trade Agreement (FTA) soon.