Zomato| Cup and Handle pattern | Latest stock market news
(3 minutes read)

Stock name: Zomato

Pattern: Cup and Handle pattern

Time frame: Daily

Observation:

Since November 2022, the stock has been forming a cup and handle pattern in daily chart. Recently the MACD has shown early signs of MACD line moving above signal line. According to technical analysis, if the breaks out of the resistance zone sustains and if we get a full candle closing above the resistance zone, it may show trend continuation on the upside.

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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) Bank nifty expiry: Effective the week starting on September 04, 2023, the Bank Nifty's weekly index options expiry day will change to Wednesday from Thursday at present. The first Wednesday weekly expiry will be on September 06, 2023. This is excluding the expiry week of the monthly contract.

2) TCS: The technology major reported a nearly 17% year-on-year (YoY) rise in consolidated net profit for the June quarter to Rs 11,074 crore. Consolidated revenue increased nearly 13% YoY to Rs 59,381 crore.

3) Patanjali Ayurved, promoters of Patanjali Foods, will sell up to 9% or 3.26 crore shares of the company in an offer for sale on July 13 and July 14, according to an exchange filing on Wednesday. Stock was trading 5% down today.