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Stock name: Hindalco Industries Ltd.

Pattern: Head and shoulders pattern

Time frame: Weekly

Observation:

The stock has been in an uptrend since June 2022 but formed a head and shoulders pattern on the weekly chart between April 2024 and December 2024. A breakout from this pattern occurred in the last candle of December 2024. If the breakout momentum persists, technical analysis indicates that the stock may see further downward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Adani Wilmar Ltd.

Pattern: Support and reversal

Time frame: Weekly

Observation:

After a downward trend since September 2022, the stock entered a consolidation phase starting in July 2023, forming a parallel channel on the weekly chart. By late November 2024, it reached the channel's support level and showed rebound momentum in the last two candles of December. If this momentum sustains, technical analysis suggests that the stock may see some upward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Bajaj Finance, released its business updates for the October-December quarter on January 3. The company reported strong growth across key metrics.

AUM and Deposits Surge
Bajaj Finance's assets under management (AUM) grew by 28% year-on-year (YoY) to ₹3.98 lakh crore as of December 31, 2024, compared to ₹3.10 lakh crore a year ago. During Q3 FY25, AUM increased by ₹24,100 crore. Additionally, its deposit book rose 19% YoY to ₹68,800 crore from ₹58,008 crore.

Record Loan Bookings and Customer Growth
The company recorded its highest-ever quarterly new loans booked at 12.06 million, up 22% from 9.86 million in Q3 FY24. The customer franchise expanded to 97.12 million, marking a significant increase from 80.41 million a year ago. Bajaj Finance added 5.03 million new customers during the quarter, the highest quarterly addition to date.

Brokerage Optimism and Share Performance
Global brokerage Citi reiterated its 'Buy' rating on Bajaj Finance, setting a target price of ₹8,150 and placing the stock under a 90-day positive catalyst watch. Citi highlighted stable loan growth. However, it flagged a marginal increase in credit costs, projected to rise to 2.2–2.25% for Q3 FY25, compared to the company’s FY25 guidance of 2.05%.

On January 2, Citi noted the company's proactive risk management measures, including selective exposure reductions, and emphasized the importance of updates on Bajaj Finance’s ongoing management transition for assessing its long-term prospects.

Following the brokerage's report, Bajaj Finance's share price surged over 5% on January 3. The stock, a top gainer on Sensex and Nifty, rose alongside Bajaj Finserv. Bajaj Finance’s relative strength index (RSI) stands at 52.5, signaling that the stock is neither overbought nor oversold. It has outperformed key moving averages, including 5-day, 10-day, 50-day, and 200-day averages.

Market and Volatility Indicators
As of the latest session, Bajaj Finance shares closed at ₹7,407, reflecting an 11% rise over the past month but a 1.32% decline over the past year. The stock has a one-year beta of 1.1, indicating high volatility. The firm’s market capitalization stood at ₹4.53 lakh crore, with a turnover of ₹69.86 crore from 0.96 lakh shares traded on the BSE.

Bajaj Finserv Performance
Similarly, shares of Bajaj Finserv climbed 8.92% to ₹1,717.45 on the BSE. The stock's RSI is at 38.6, indicating a neutral position in terms of overbought or oversold levels. Bajaj Finserv trades above all major moving averages and has a market cap of ₹2.73 lakh crore, with ₹29.41 crore turnover from 1.76 lakh shares traded.

Growth Drivers
Citi attributed Bajaj Finance’s growth to strong performance in mortgage financing, sales financing, securities lending, and new business ventures. It projected 6% quarter-on-quarter (QoQ) and 7% YoY growth in AUM, despite the anticipated rise in credit costs to 2.2–2.5% for Q3 FY25.

In summary, Bajaj Finance and Bajaj Finserv have demonstrated robust growth across AUM, deposits, and customer acquisition. With a positive outlook from brokerages and a strong stock market performance, both companies remain well-positioned for future expansion.

Stock name: Mangalore Refinery & Petrochemicals Ltd.

Pattern: Support and reversal

Time frame: Daily

Observation:

The stock experienced a downtrend from February to October 2024, followed by stabilization and consolidation, leading to the formation of a strong support line. Multiple rebounds from this level highlight its significance, with the latest on December 31, 2024, showing a good recovery accompanied by high volumes. This suggests renewed buying interest and, if the stock maintains its momentum, technical analysis indicates that the stock may see further upside. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Praj Industries Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

The stock experienced a sharp upward move in the second half of November 2024, followed by consolidation in December, forming a flag-and-pole pattern on the daily chart. On January 1, 2025, the stock broke out of this pattern with significant trading volumes and is currently holding above the breakout level. According to technical analysis, if the stock sustains this momentum, it may see further upward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Linde India Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Since the post-COVID rally, the stock has been in an uptrend but formed a double-top pattern on its daily chart between April and November 2024. A breakdown occurred on November 12, 2024, followed by a brief downward move and an immediate retest. The stock resumed its decline on November 28, 2024, post-retest, and saw a significant red candle with heavy volume on December 30, 2024. Technical analysis suggests that if the current momentum persists, further downside may be expected. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: India Cements Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

The stock experienced a steep upward move from June to July 2024, followed by a sideways consolidation until December 2024. This has led to formation of flag and pole pattern on its daily chart. In early December, it saw a slight decline but rebounded strongly on December 23, 2024. On December 24, it breached the consolidation pattern and resumed its upward trajectory. A significant green candle with strong volumes on December 30, 2024, indicates positive momentum, and technical analysis suggests that the stock may see further upside movement if the stock sustains this momentum. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Aditya Birla Capital Ltd.

Pattern: Double top pattern and retest

Time frame: Weekly

Observation:

Post-COVID, the stock has been in an uptrend. It has only recently formed a double-top pattern on its weekly chart during the period from April 2024 to November 2024. In mid-November, it broke down from the pattern but lacked strong volume support and immediately retested the breakdown level. By the second week of December 2024, the stock resumed its downward movement post-retest. Technical analysis suggests that if the stock gains downward momentum, it may see further decline. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: ZF Commercial Vehicle Control Systems India Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

The stock has been in an uptrend since November 2020 but formed a double-top pattern on its weekly chart between September 2023 and November 2024. In the final week of November 2024, it broke down from the pattern with strong volume support and has been declining since. Technical analysis indicates that if the downward momentum persists, the stock may decline further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Kajaria Ceramics Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

In our blog on October 29, 2024 (link for reference), we noted that the stock had formed a double top pattern on its daily chart. It broke down from this pattern on October 22, 2024, and has since continued its decline with strong volumes. Aligning with the broader market trend, the stock has witnessed significant drops from the levels seen on October 22.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: The Ramco Cements Ltd.

Pattern: Resistance breakout

Time frame: Daily

Observation:

As mentioned in our previous blog on November 21, 2024 (link for reference), the stock had formed a resistance line on its daily chart. It broke out of that level, followed by a successful retest, leading to a strong upward movement. This rally propelled the stock to its previous high before experiencing a minor correction. This level might act as a resistance level for the stock. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Oil & Natural Gas Corporation Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

In our earlier blog dated September 18, 2024 (link for reference), we highlighted that the stock had formed a double top pattern on its daily chart. It broke down from this pattern on September 9, 2024, and has since continued its downward trajectory with strong volumes. Following the broader market trend, the stock has experienced notable declines from the levels observed on September 18.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: PVR INOX Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The stock hit a low in June 2024 and rebounded, showing an upward movement from there onwards. However, between August and December 2024, it formed a double top pattern on its daily chart. A breakdown occurred on December 18, 2024, accompanied by high volumes and followed by continued downward movement in subsequent sessions. According to technical analysis, if the current momentum persists, the stock may experience further declines. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Godrej Consumer Products Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

In our previous blog on November 13, 2024 (link for reference), we highlighted the stock forming a head and shoulders pattern on the daily chart. The stock broke down from the pattern in November 2024, followed by a retest of the breakout level before resuming its downward move on December 6, 2024. A significant gap-down red candle with high volumes was registered on December 9, signalling strong bearish momentum. If this trend persists, technical analysis suggests the stock may see further declines. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Blue Dart Express Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

The stock witnessed a strong upward movement starting in March 2024. Between June and November 2024, it formed a head and shoulders pattern on the daily chart, breaking down from the pattern in November with low trading volume, followed by an immediate retest. On December 18, 2024, the stock broke down again with above-average volume, continuing its downward trajectory. If the bearish momentum persists, technical analysis suggests the stock may decline further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Escorts Kubota Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

The stock has been in an overall uptrend, reaching an all-time high in September 2024. However, between May and October 2024, it formed a double top pattern on the weekly chart, breaking down from the pattern in late October. Following a brief retest, the stock has been moving downward. If the current momentum persists, technical analysis suggests the stock may experience further declines. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: H.E.G. Ltd.

Pattern: Resistance breakout

Time frame: Weekly

Observation:

Post-COVID, the stock recovered until October 2021 before declining, establishing a resistance level at that point. By April 2024, it had recovered to this resistance and made multiple attempts to breach it from there onwards. At the start of December 2024, the stock broke out with strong upward momentum and has since sustained its position above the resistance line. If the momentum continues, technical analysis suggests the stock may see further upward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.