Reliance | At a good support | Latest stock market news(3 minutes read)

Stock name: Reliance

Pattern: At a good support

Time frame: Weekly

Observation: Reliance has had a quick big run up after after the covid fall and later had been consolidating in a range since September 2020. The stock broke out of the range in September 2021 and formed a range above the previous range, this time the lower end of the current range being the breakout point of the previous range. The stock did a retest of the said level today and bounced 4% from there. If the follow up price action is good and the level is respected, then the stock can again go higher.

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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) Today the Ministry of Finance increased export duties on select petroleum products. The government has raised export duty on diesel by Rs. 13 per litre, on petrol by Rs. 6 per litre and on ATF by Re 1 per litre. Also, Govt. has said to tax windfall gains made by the domestic players. According to the sources, crude oil producers made a windfall profit of 45-47$ per barrel because of elevated crude oil prices in the international markets and domestic producers were selling the same at parity.

2) Competition Commission of India (CCI) on Thursday approved tech giant Google's acquisition of a 1.28% stake in telecom provider Bharti Airtel. CCI said in a press release that Google LLC plans to acquire a non-controlling minority stake in the telecom provider, adding that both parties have also entered certain commercial arrangements.

3) Sebi on Thursday asked stock brokers and depositories participants to report all cyber-attacks, threats and breaches experienced by them within 6 hours of detecting such incidents. They have to report such incidents within the specified time to the exchanges, depositories and the regulator. The incident will also be reported to the Indian Computer Emergency Response team (CERT-In) in accordance with the guidelines issued by CERT-In from time to time, according to a circular.

4) REC Limited on Thursday announced that its board has recommended bonus shares issue in the ratio of 1:3, subject to the approval of shareholders through postal ballot, REC informed in an exchange filing. The record date is 18 August 2022.

5) The government increased basic import duty on gold to 12.5% from 7.5% today. The step has been taken in an effort to curb imports, as the rupee slumped to a record low.