Blog posts of '2024' 'October'

Stock name: Gujarat Fluorochemicals Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

In early September 2024, the stock experienced a sharp rise, followed by consolidation starting on September 17th. This formed a flag and pole pattern on its daily chart. The stock broke out of this pattern on October 9, 2024, followed by a strong green candle and significant trading volume. If the stock maintains its current momentum, technical analysis suggests 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: Siemens Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock has been on an upward trend since November 2023 and formed a cup and handle pattern between July and October 2024. It broke out of this pattern on October 9, 2024, and continued rising. On October 16, 2024, the stock saw further gains with significant volume. If the momentum holds, technical analysis suggests the stock may see more 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: Oberoi Realty Ltd.

Pattern: Resistance breakout

Time frame: Daily

Observation:

The stock experienced steady growth after COVID. From June to October 2024, it consolidated, moving sideways. Recently on 14th October 2024, it broke past the previous all-time high, signalling a decisive breakout. This breakout was supported by a good trading volume. With continuation of the current momentum, technical analysis suggests the stock may see further gains. 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: Hitachi Energy India Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Since October 2023, the stock has been on a strong upward trend. From July to October 2024, it formed a cup and handle pattern on the daily chart. On October 10, 2024, the stock broke out of this pattern with solid trading volume and has remained above the breakout line. According to technical analysis, if it maintains this momentum, the stock may see further gains. 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: CG Power and Industrial Solutions Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Since the post-COVID period, the stock has experienced a steady upward trend. Between July and October 2024, it formed a cup and handle pattern on the daily chart. Following a strong momentum from October 7 onwards, the stock has registered a breakout. This breakout is supported by high trading volumes and post breakout the stock's upward momentum has continued. If this trend persists, technical analysis suggests that the stock may see further gains. 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: V.I.P. Industries Ltd.

Pattern: Inverse head and shoulders pattern and retest

Time frame: Daily

Observation:

The stock had been in a downward trend since 2022 but showed some stabilization between May and September 2024, forming an inverse head and shoulders pattern on the daily chart. On September 23, 2024, the stock saw a major breakout with strong trading volume, but it faced an immediate retest afterward. Currently trading above the breakout level, technical analysis suggests that a strong rebound with good momentum is needed to confirm and sustain the breakout. 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: Alembic Pharmaceuticals Ltd.

Pattern: Resistance breakout and retest

Time frame: Weekly

Observation:

Following the post-COVID market crash, the stock saw a strong upward movement and reached a new all-time high (ATH) in December 2020. It formed resistance around this level, with multiple failed attempts to close above it. In July 2024, the stock finally broke out with significant trading volume. After a retest and rebound with good volume, the stock is currently facing a second retest of the breakout level, showing weakened momentum. According to technical analysis, if the stock rebounds with strong 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: Divi's Laboratories Ltd.

Pattern: Resistance breakout

Time frame: Weekly

Observation:

After reaching its previous all-time high (ATH) in October 2021, the stock declined until February 2023, then began to recover. In early September 2024, it surpassed its previous ATH on the weekly chart. After consolidating for a few weeks above the breakout line, the stock registered a large green candle with strong volume for the week starting on October 7. According to technical analysis, if the current momentum holds, the stock may continue to rise.Top of Form

Bottom of Form

 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.

Bandhan Bank shares surged over 12% in today's session following the Reserve Bank of India's (RBI) approval of Partha Pratim Sengupta as the new Managing Director (MD) and CEO. Sengupta accepted the role on October 9, 2024, and confirmed on October 10 that he will resign from his other positions to comply with the RBI's conditions. His three-year term is expected to begin by November 10, 2024, pending final approval from the bank’s Nomination and Remuneration Committee.

Partha Pratim Sengupta has nearly 40 years of banking experience, with leadership roles at State Bank of India (SBI), and Indian Overseas Bank. He has worked in areas focusing on retail, corporate banking, and technology driven growth. Appointment of his leadership puts an end to the ambiguity, thereby expected to aid valuation.

In April this year, Bandhan Bank founder Chandra Shekhar Ghosh, who was the MD & CEO, decided to hang up his boots by announcing a surprise retirement. Ratan Kumar Kesh, one of the executive directors, was appointed the interim CEO. Clarity on leadership should get the focus back on the bank's fundamentals and strategic direction to be undertaken going ahead. 

Additionally, Bandhan Bank reported that the National Credit Guarantee Trustee Company (NCGTC) completed a forensic audit of claims under the Credit Guarantee Fund for Micro Units (CGFMU) scheme. As of March 31, 2024, the total payout assessed was Rs 1,231.29 crore, with Rs 916.61 crore already received in December 2022. The final payout of Rs 314.68 crore was reported as settled by March 2024.

International brokerages have responded positively to these developments. Jefferies reaffirmed its "buy" recommendation for Bandhan Bank, with a target price of Rs 240 per share. The brokerage cited Sengupta's appointment and his experience in West Bengal, a critical market for the bank, as factors that could bolster its performance. Jefferies also pointed out that the resolution of the CGFMU claim, with an additional Rs 230 crore in recoveries, will enhance the bank's profitability.

Similarly, Goldman Sachs noted that the appointment of the new MD and CEO, alongside the resolution of the CGFMU claim, resolves near-term uncertainties. The bank's focus now shifts to its fundamentals, as concerns over business continuity are alleviated.

In the stock market, Bandhan Bank's shares have risen 8.1% over the past five trading sessions, delivering a return of 5.42% in the past month and 13% over the last six months. However, the stock has declined by 17% over the past year. By contrast, the Nifty 50 index has risen 0.14% in the last month and 11% in the past six months, offering a 26% return over the past year despite a 0.5% drop in the past five sessions.

Stock name: Reliance Industries Ltd.

Pattern: Head and shoulders pattern

Time frame: Daily

Observation:

The stock has been in an upward trend since March 2023, but between May and October 2024, it formed a head and shoulders pattern on the daily chart. A breakdown from this pattern occurred on October 3rd, 2024, followed by continued downward movement. Both the breakout and subsequent declines were accompanied by strong trading volume. According to technical analysis, if the stock maintains this momentum, it 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: Gujarat Ambuja Exports Ltd.

Pattern: Support and reversal (Bullish Engulfing)

Time frame: Daily

Observation:

The stock has been declining since February 2024, nearing a key support level established in 2022. This support has been tested multiple times, making it a strong level. On October 7th and 8th, 2024, the stock formed a bullish engulfing candlestick pattern, followed by a large green candle with significant volume on October 9th. This signals a potential reversal, and if the momentum holds, the stock may move upwards according to technical analysis. 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: Laurus Labs Ltd.

Pattern: Parallel channel

Time frame: Daily

Observation:

Since April 2023, the stock has been moving upward in a parallel channel. It hit resistance on 16th September 2024 and then moved downward, approaching the channel's support. On 8th October 2024, the stock formed a bullish harami candlestick pattern at the support level of the parallel channel, followed by another green candle the next day, confirming the reversal. If the current momentum holds, the stock may see further upward movement within the channel, according to technical analysis. 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: Page Industries Ltd.

Pattern: Inverse head and shoulders pattern and retest

Time frame: Daily

Observation:

The stock has been in a downward trend since October 2022. From March 2023 to September 2024, it formed an inverse head and shoulders pattern on the daily chart, breaking out around 11-12 September 2024 with strong volume. After a retest and closing below the breakout line due to market bearishness, the stock rebounded and closed above the breakout line on 9th October 2024 with high volume. If the momentum holds, the stock may see further upward movement based on technical analysis. 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: APL Apollo Tubes Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since September 2023, the stock has been trending slightly downward. Between July and September 2024, it formed a double bottom pattern, with a breakout occurring on 25th September. Although the stock initially moved upward after the breakout, it retested the breakout level due to the broader market's downtrend. Currently, it is rebounding from the retest but lacks strong momentum. According to technical analysis, if the stock gains sufficient momentum, further upward movement may follow. 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: Rainbow Childrens Medicare Ltd.

Pattern: Inverse head and shoulders pattern

Time frame: Daily

Observation:

The stock has cooled off from its all-time high since May 2024. Between June and September 2024, it formed an inverse head and shoulders pattern on the daily chart, followed by a major breakout on 19th September, supported by high trading volume. Post-breakout, the stock showed strong upward movement with occasional high-volume candles. If the momentum holds, the stock may see further gains based on technical analysis. 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: JM Financial Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

According to the blog from September 4, 2024, the stock formed a cup and handle pattern on its daily chart, breaking out at the end of August. Post-breakout, it saw significant upward momentum supported by strong trading volumes. From September 4 to October 1, 2024, the stock surged over 25%.

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: Aptus Value Housing Finance India Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

As mentioned in the blog on September 26, 2024, the stock formed a double bottom pattern on its daily chart, breaking out on September 20 with strong trading volume. However, due to overall bearish market sentiment, it retraced and retested the breakout level. The stock has since rebounded with significant volume, and technical analysis suggests that if it maintains this momentum, the stock may see further upward movement. Additionally, the stock has repeatedly encountered resistance at its all-time high (ATH), making this level critical for its future performance. 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.