RPG Life Sciences | Cup and Handle breakout | Latest stock market news

(3 minutes read)

Stock name: RPG Life Sciences

Pattern: Cup and Handle breakout

Time frame: Daily

Observation: The stock has been in a consolidation zone in the form of a Cup and Handle pattern and has now broken out of the consolidation as well as the cup and handle pattern. Whenever the stock breaks out of such a pattern, the price travels the distance equalling to the distance between the bottom of the cup and the neckline, distance being taken from the neckline.

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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 Gross GST revenue collected in the month of August 2022 is Rs. 1,43,612 crores. GST Revenue collection is more than Rs. 1.4 lakh crores for six months in a row now.

2) NTPC has received 13 bids from investors such as the Canada Pension Plan Investment Board (CPPIB), ArcelorMittal, Malaysia’s Petronas, and Brookfield to pick a minority stake in its renewable arm NTPC Green Energy Ltd. NTPC proposes to raise Rs 2,000 crore equity through a private placement that would be followed by an initial public offering by the green energy arm.

3) The IPO of Tamilnad Mercantile Bank is all set to hit the primary markets on 5th September.