Stock name: Nifty 50 Index
Pattern: Head and Shoulder
Time frame: Weekly
Observation: The Index has formed a head and shoulder pattern and is trading very close to the neckline support.
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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) Alembic Pharma received US FDA final approval for Arformoterol Tartrate Inhalation Solution (used for long-term maintenance treatment of airflow obstruction in patients).
2) The executive committee of the central board of SBI has approved a proposal to examine and decide on long-term fund raising in single or multiple tranches. The board of SBI on 10th May 2022 approved raising up to $2 billion through bonds during the current financial year.
3) Tata Motors, Ujjivan Small Finance Bank, Anupam Rasayan, Apollo Tyres, Avanti feeds, Greaves Cotton, Honeywell Automation, HP Adhesives, ICRA, Mindspace REIT, Poonawalla Fincorp, RBL Bank, Siemens amongst companies which will declare results tomorrow.