Stock Analysis and Stock Market News 16-May-2022 (3 minutes read)

Stock name: MRF Limited

Pattern: Ascending triangle

Time frame: Daily

Observation: The stock was in a downtrend but the bearish momentum faded and the stock started moving in a sideways range. The stock has broken its 20 days SMA (Simple Moving Average) with higher than average volumes and is now at the upper end of the range i.e. at a resistance. The RSI has also moved above 60. The side ways range is formed in the form of an ascending triangle.

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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) Gautam Adani-led Adani group has agreed to buy Swiss building materials maker Holcim Ltd.’s India assets Ambuja Cements and ACC Ltd for $10.5 billion (Rs. 80,000 crore).

2) Digital payments and financial services company Paytm has said that it will seek a new general insurance license with a fresh application, aimed at gaining majority shareholding with a 74% upfront equity stake. Earlier its associate company, Paytm Insuretech Private Limited, had entered into a share purchase agreement to acquire 100 per cent of Raheja QBE General Insurance Company Limited. As the share sale and purchase transaction has not been consummated within the time period envisaged by the parties under the said agreement, the agreement has automatically terminated," Paytm added.

3) Abbott India, Bajaj Electricals, Bajaj Health, Bharti Airtel, DLF, EID Parry, Galaxy Surfactants, GMR Infra, IOC, IRB Infra, Mangalore Chemicals are amongst companies that will declare their results tomorrow.