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| Item Details | Price | ||
|---|---|---|---|
Stock name: Welspun Enterprise
Pattern: Breakout with high volumes
Time frame: Weekly
Observation: The stock was sideways to bearish since April 2021 and was not being able to break the down-trending trendline as given in the image below. This time the stock has broken out of the said trendline with huge volumes and the retest of the same has also been done on the daily time frame. Also, a three white soldiers candlestick formation is visible, which is a bullish candlestick pattern. It can also be observed that the stock has a resistance around 130 levels.
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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) Shares of IIFL Finance are up over 10% today, as sovereign wealth fund Abu Dhabi Investment Authority (ADIA) will pick a 20% stake for Rs. 2,200 crores in subsidiary IIFL Home Finance. This will be the largest equity investment in India’s affordable housing finance segment by a financial investor. This deal will unlock value in IIFL Finance, which has a Rs. 52,000 crore loan book and market capitalisation of Rs. 12,500 crores.
2) Shares of Oriental Aromatics jumped over 14% today, after the company's subsidiary received environmental clearance for the proposed Greenfield project. The company in a filing said the Ministry of Environment accorded environmental clearance for the proposed Greenfield project for manufacturing of speciality chemicals and chemical intermediates by Oriental Aromatics & Sons, a wholly-owned subsidiary of the company.
3) Shares of Welspun Enterprises shot up over 8% today as the infrastructure firm said it has executed definitive agreements with Actis Highway Infra to sell its portfolio of operating highway projects for an aggregate enterprise value of approximately Rs. 6,000 crores.
4) The country's largest real estate developer DLF is looking to add around 5 million sq. ft. in the next 5-6 years with an investment of about Rs. 3,000 crores, a senior executive said. “Our development in Goa will provide a high-quality retail experience to the population of Goa. We are also introducing a new concept of high-street shopping that primarily caters to the needs of the residential population in that area and brings high-quality, organised retail to their doorstep," Mr. Khattar (MD, Rental business, DLF) said.