SAIL | Cup and Handle pattern | Latest stock market news(3 minutes read)

Stock name: SAIL

Pattern: Cup and Handle pattern

Time frame: Daily

Observation:

After a big downtrend, the stock started to consolidate and after consolidating for about 7 months, currently we can see a Cup and Handle Pattern in formation and the stock is trading very close to the neckline of the pattern. Once the stock gives a strong closing above 90 levels, we can see a good up-move in this stock.

You may add this to your watchlist to understand further price action.

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 3-day Monetary Policy Committee (MPC) meeting of the RBI has commenced yesterday. Participants are keenly watching the committee's rate hike stance if any, as inflation is still above the 6% target band.

2) A board meeting of Star Housing Finance is to be held today at 4 PM to consider and fix the record date to determine the members eligible for the allotment of sub-division of existing equity shares and bonus equity shares of the company.

3) The open offer for an additional 26% stake in NDTV by the Adani group closed on Monday. As a result, the Adani group is now the largest shareholder in NDTV with a 37.44% stake.