Stock name: Siemens

Pattern: Range Breakout

Time frame: Daily

Observation:

The stock has been consolidating for the last 6 months and has very recently broken out of the range with good volumes. Once the stock breaks out of a range, it generally covers the distance equal to the range height.

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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) SpiceJet on Tuesday said that the company will consider issuing equity shares via preferential basis in a board meet this week on Friday, February 24, 2023 & mull upon conversion of outstanding liabilities. The company will also consider raising fresh capital via issue of securities to qualified institutional buyers.

2) Top insurance companies are competing to provide insurance cover to Tata Group owned Air India’s fleet for the next financial year. This includes insurance cover for new planes that would be delivered in the next financial year.

3) A joint venture of Indian conglomerate Vedanta and Foxconn has finalised the Dholera Special Investment Region near Ahmedabad city for setting up their semiconductor and display manufacturing facility, a senior state government official said on Monday.