Edelweiss Financial reported 53% in PAT YoY beating street estimates. Technically stock is looking weak, trading 38% and 48% below its 50-DMA and 200-DMA respectively, low Price strength of 5 and low Buyer demand of E. The stock gained 4.9% today after losing on six previous sessions.
Wipro reported yesterday just after market hours. It beat revenue estimate although missed street’s profit estimate. It rallied 3.2% to strongly retake 50-DMA line with above-average volume today (190% more than average volume). Its been 6 weeks from a good “saucer” it formed on weekly chart. It’s currently trading at 318.2, 5% away from pivot point (334) of the saucer. The relative strength is also impressive at 83. The stock needs to be closely watched for some up-days with above-average volume while it approach and breakout from the pivot. However, one should be wary of EPS strength and market condition and needs to observe them carefully.
TVS Motor Q2 net profit of Rs 211 crore was in line with estimates. The revenue came 23% higher at Rs 4,993 crore. Today, the stock gained 3.7%, but continues to trade below its 50- and 200-DMA. On upside, the 50-day line which is 3% away from the current price can serve as resistance. The board recommended an interim dividend of Rs 2.10 per share.
ICICI Bank gained 3.7% and retakes 50-day line. On technical chart, it has formed a 38-week long cup with handle base pattern and is 5% away from its breakout point. The company will report its Q2 numbers on October 26.
ITC snaps six-week losing streak. The stock was up 5.2% and retakes 200-DMA and 21-DMA. It can test its next resistance at 50-day line which is 3% away. The company will declare its Q2 results on October 26.
