Stock name: UCO Bank

Pattern: Pennant breakout

Time frame: Daily

Observation:
After a fantastic run-up in the past few days (Pole), it had started to consolidate in the form of a pennant (Flag). Today the stock has broken out of the said pennant and is up 7%. However, one caution is that the move is not supported by good volumes as compared to the recent up-move volumes.

You may add this to your watchlist to understand further price action.

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) Q3 results update: Wipro
Consolidated revenue 14.34% up YoY
Consolidated PBT up 5.18% YoY
Margins recovered well and stood at 20%

2) Adani Enterprises files for FPO with SEBI.

3) Shares of RattanIndia Enterprises surged more than 14% up today as it has completed the acquisition of Revolt Motors, a leader in electric motorcycles.

4) Bank of India, Delta corp., Hathway cable, ICICI Lombard, ICICI prudential, Mastek, Metro brands, Network 18, Newgen software, Shalby, Tata metaliks and TV18 broadcast are amongst companies which will post their quarterly results tomorrow.