Stock Market News 09-May-2022 - Blogs By CA Rachana Ranade

Stock Analysis and Stock Market News

09-May-2022

Stock name: Naukri (Info Edge)
Pattern: Head and Shoulder
Time frame: Weekly
Observation: The stock has formed a head and shoulder pattern on a weekly time frame and has broken the neckline. This is a bearish pattern. Once the neckline is broken, the stock travels the distance which is equal to size of the distance between the top and the neckline.

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

Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before taking any financial decision.

News for the day:

1. Larsen & Toubro Infotech board on Friday approved a scheme of amalgamation with Mindtree, creating a $3.5 billion IT services provider. The two companies are subsidiaries of Larsen & Toubro.

2. Reliance Industries Ltd. posted 22% growth in consolidated net profit at Rs. 16,203 crores for the three months ended 31 March 2022. The growth, even though fell short of market estimates, was led by bumper oil refining margins, steady growth in telecom and digital services and strong momentum in a retail business.

3. Ajanta Pharma, Asian Paints, Avadh Sugar, Cera Sanitary, Cipla, Dishman Carbogen, Gujarat Gas, Mahanagar Gas, MRF, Polycab, Zensar Tech are amongst some companies that are going to declare their results tomorrow.

Stock Analysis and Stock Market News

09-May-2022

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