SBI Life | Morning Star pattern | Latest stock market news(3 minutes read)

Stock name: SBI Life

Pattern: Morning Star pattern

Time frame: Daily

Observation: The stock was in a sideways to bearish trend in the recent time and then formed a double bottom, indicating possible reversal. This was then accompanied with the stock forming a morning star pattern, which is a bullish reversal pattern. The volumes are overwhelming today.

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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) Q4 2022 result update: Zee Media reported a consolidated revenue of Rs. 248 crores, up 2% as compared to the previous quarter and posted a loss of 39 crores.

2) ET Now, citing sources, said the government will sell its entire stake in Hindustan Zinc. It holds 29.54 % of the zinc producer. The stake is valued at Rs. 39,385.66 crore as of today. Following the report, the stock climbed approx. 5 per cent. Hindustan Zinc was a majority government owned company. The government had offloaded 26 per cent stake in the firm in 2002, which was bought by Vedanta Group. The Group later acquired further stake in the company to take its holding to 64.92 per cent.

3) Birlasoft buyback: Birlasoft Limited has announced buyback of shares not exceeding Rs. 390 crores. The board of directors of the company approved the Birlasoft buyback 2022 proposal at a price of Rs. 500 per share. The stock is currently trading at Rs. 345.

4) Aarti Surfactants, Astra Zeneca, Berger Paints, Colgate, Cummins, Hemisphere, Hindalco, Insecticides, NMDC, Shalimar paints, Sudarshan Chemicals are amongst companies which will declare their results tomorrow.