Stock name: Syrma SGS
Time frame: Daily
The stock got listed recently in September 2022 and since then has been in a consolidation and today it has gone out of the consolidation with good support from the volumes. Many people also term this as IPO range breakout, as the range since listing is getting broken.
Once such a consolidation breakout happens, then price usually travels the distance equal to the height of the consolidation.
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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) Q4 result update: Banco Products
Revenue at 609 crores, up 20% YoY
PBT at 74 crores, up 40% YoY
OPM at 16%
2) German foreign minister: EU will decide on new sanctions against Iran today
3) Adani Group stocks are up today as investors found optimism in the Supreme Court-appointed expert committee's report that it cannot conclude any regulatory failure around the Adani Group- Hindenburg case. Sebi has "drawn a blank" in its probe into alleged violations in money flows from offshore entities into the conglomerate. However, this is not the conclusion of the cases.
4) Akzo Nobel, Amara Raja Batteries, Ashok Leyland, Bajaj Electric, Bikaji Foods, Biocon, Dishman Carbogen, Dixon Tech, Dreamfolks, Fortis Healthcare, Gabriel India, Galaxy Surfactants, Genus Power, J Kumar Infra, JSW Energy, Kirloskar Industries, Linde India, Lyka Labs, Metro Brands, NMDC, Nureca, Polyplex, Sudarshan Chemicals and Varroc are amongst the companies which will post their quarterly results tomorrow.