Stock name: Zomato

Pattern: Near a resistance

Time frame: Daily

Observation:

Zomato has formed a cup and handle pattern but is unable to break out from the same. It seems to be turning from its resistance/neckline. The handle low is also broken and hence this can be classified as failed cup and handle pattern.

You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before making any financial decision.

News for the day:

1) Q4 result update: Canara Bank
Revenue up 7.7% QoQ
Net profit up 8.8% QoQ

2) Ambuja Cements will setup a cement grinding unit of 6 MTPA with an investment of INR 1400 crores in industrial area in Bihar: MO news

3) Shares of Mankind Pharma made a remarkable debut on the stock exchanges today, listing with a premium of over 20% against the issue price of INR 1,080.

4) BASF, Bosch, Cera, Dr. Reddy’s, Escorts Kubota, Godrej Consumer, Gujarat Gas, JBM Auto, Novartis India, P&G and Pricol are amongst the companies which will post their quarterly results tomorrow.