Stock name: Sigachi Industries

Pattern: Near a resistance

Time frame: Daily

Observation:

Sigachi industries, after a block buster listing on the stock exchanges, had a free fall of over 60% from the top. It has been consolidating for the last 9 months and is currently trading very close to the resistance of the consolidation. However, there is a resistance above (330) as well and once the same gets crossed, we can see some good upside momentum in this stock.

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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) Bajaj Finance reported sequential AUM growth of 6% and 27% YoY growth. This performance was slightly lower than street expectations as Q3 is usually a strong quarter led by festive demand. However, we saw the highest number of new customer addition.

2) Vodafone Idea (VI) has reportedly approached several banks to get loans adding up to Rs. 7,000 crores, a report in the Economic Times said today. SBI, PNB, HDFC Bank and IDFC First Bank are among the banks that the telco has approached.

3) The National Statistical Office will release the first advance estimates of economic growth for 22-23 today evening, three weeks ahead of presentation of General Budget in Lok Sabha on February 1. The first advance estimates of national income for 22-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 23-24.