Stock name: Usha Martin

Pattern: At resistance

Time frame: Daily

Observation:

The stock is an up-trending stock and has been consolidating for the last 8 months. It has seen some big volume action in the recent days and has come very close to the consolidation high resistance level of 165. One the stock breaks this level, we can see some good upside momentum in this counter.

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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) Suven Pharma MD on selling 50% stake to Advent - We want a combination where a financial cum strategic partner will come into the picture. Advent has a platform called Cohance which can increase our bandwidth and offer more services to the customers. Business of the company will be as usual and it will be done by us.

2) CBI has arrested Videocon Chairman Venugopal Dhoot in ICICI Bank fraud case. This comes just days after the agency arrested former ICICI Bank's chief executive officer and managing director, Chanda Kochhar, and her husband Deepak Kochhar on 23 December.