Stock Analysis and Stock Market News 12-May-2022(3 minutes read)

Stock name: Gujarat Gas Limited

Pattern: Double Bottom

Time frame: Daily

Observation: The stock was in a downtrend and has formed a double bottom pattern and has also crossed the upper bollinger band today. Once the candle closes above the upper neckline of the double bottom, the price covers the distance equal to the difference of neckline and the bottom. However, important to note that the stock may face a resistance at current levels as the market sentiment is negative.

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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) IOC to consider issue of bonus shares on 17th May 2022.

2) India's Tata Group is drawing up plans to launch a battery company in India and abroad, its chairman N Chandrasekaran said on Wednesday, as Tata deepens its push to build electric vehicles. Tata Motors, India's biggest electric carmaker, has plans to launch 10 electric models by 2025, whereas Jaguar Land Rover's luxury Jaguar brand will be entirely electric by 2025 and the carmaker will launch e-models of its entire lineup by 2030.

3) Novelis Inc. (Subsidiary of Hindalco) plans to build a $2.5 billion low-carbon aluminum recycling and rolling plant in the US to cater to the growing demand for beverage can sheets and the automotive market. The facility, which will be built in in Alabama, will have a capacity of 6,00,000 tons of finished goods a year initially, the unit of Hindalco Industries Ltd. said in a statement. Work at the site is under way and the company expects to begin operations by the middle of 2025, it said. The new facility will increase Novelis’s recycling capacity to 90 billion cans globally, from 74 billion currently, it said.

4) SBI, Bank of Baroda, Eicher Motors, REC, Sigachi, Tech Mahindra, Emami, Nazara, Elgi Equipments, APL Apollo, Balkrishna Industries, Bandhan Bank amongst companies which will declare results tomorrow.