Stock Analysis and Stock Market News 10-May-2022(3 minutes read)

Stock name: Nifty Media Index

Pattern: Ascending Triangle

Time frame: Weekly

Observation: The Index had formed an ascending triangle pattern on a weekly time frame and had broken out of the same. The Index is currently retesting the pattern breakout. The Index also has a confluence point of SMA 200 (weekly) at the 1950 levels.

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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) Sun Pharma today said the US health regulator FDA has issued a 'Form 483' with ten observations after inspecting its Halol based manufacturing plant in Gujarat. The US FDA had conducted a Good Manufacturing Practices (GMP) inspection of Sun Pharmaceutical Industries Limited's Halol facility from April 26 to May 9, 2022.

2) Cosmo Films announced that its board at its meeting held on May 09, 2022, has approved the issue of bonus equity shares in the ratio of 1:2, subject to shareholders and other necessary approvals. The company added that record date for reckoning eligible shareholders entitled to receive bonus shares will be communicated later.

3) The rupee hit a record low of 77.56 against the dollar on Monday as foreign investors continued to pull money from Indian assets as the dollar strengthened after the US Federal Reserve raised interest rates.