Stock name: Ultratech Cement

Pattern: Double top

Time frame: Daily

Observation:

We can see double top pattern and the neckline of the said pattern getting broken today in the stock. We can also see high volume selling in the recent days. Whenever such a neckline is broken, the stock travels the distance equal to the distance between the top and the neckline, distance being considered from the neckline.

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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) Q3 results update:
Consolidated revenue 25% up YoY
Consolidated PBT 139% up YoY
OPM at 10, highest in last few quarters

2) The US Justice Department and eight states sued Alphabet Inc.’s Google, calling for the break-up of the search giant’s ad-technology business over alleged illegal monopolization of the digital advertising market.

3) Centre expected to introduce new income tax slabs in Budget 2023: Report

4) Vodafone Group sold the headquarters it’s held for decades in Newbury, England and will rent just over half of the site’s premises back as it downsizes and cuts costs.