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| Item Details | Price | ||
|---|---|---|---|
Stock name: ZEEL
Pattern: At a pivot resistance
Time frame: Daily
Observation:
The stock has been trading in a sideways range since May 2022 with the support and resistance zones marked in the image below, support zone being around 200-210 levels and resistance zone being placed at 260-265 levels. Currently the stock is trading near the higher end of the range and may face range as well as pivot resistance around 265 levels. If the stock closes and sustains above the said level (265), then we may see some good up-move in the said 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) The mobile industry is expected to play a 'vital' role in India's vision to be a $5-trillion economy by 2025, of which $1 trillion will be the sole contribution from the digital economy segment, and the current smooth auction process was a step in that direction – MO news
2) The union government yesterday (18th August 2022) reduced the windfall tax on sale of locally produced crude oil to Rs. 13,000 per tonne from Rs. 17,750 a tonne earlier. The special additional excise duty on export of diesel has been increased from Rs. 5 to Rs. 6 per litre, and including a cess it would be Rs. 7 per litre. Besides, the government again imposed Rs. 2 per litre tax on export of aviation turbine fuel (ATF) after scrapping it earlier this month.
3) The Reserve Bank of India will likely set a cut-off yield of 7.23% on 130 billion rupees ($1.63 billion) of the new 10-year bond being auctioned today, according to the median estimates in a Reuters poll of 11 traders.
4) Board of directors of Insecticides India Ltd. is going to consider and approve bonus shares in its meeting scheduled on 20th August 2022.
5) BPCL is trading ex-dividend today as board of directors of the PSU company has fixed 22nd August 2022 as record date for final dividend payment. The board of the state-owned oil company has announced a final dividend of Rs. 6 per equity share for FY22.