Blog posts of '2024' 'December'

Stock name: Jindal Stainless Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock reached its all-time high in July 2024 before entering a cooling-off phase with a downward movement. Between October and December 2024, it formed a double bottom pattern on the daily chart, breaking out of the pattern on December 4. Since then, the stock has been moving upward, though trading volume remains low. According to technical analysis, if the stock gains momentum and increases in volume, it may experience a rapid upward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

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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.

Stock name: Triveni Engineering & Industries Ltd.

Pattern: Resistance breakout

Time frame: Daily

Observation:

The stock hit its all-time high in mid-September 2024 before cooling off and forming a head and shoulders pattern on its daily chart. It broke out downward from the pattern, with the breakout level acting as resistance. Later on, the stock has rebounded on November 22 breaking the downward momentum. The stock broke above this resistance on December 5 with strong momentum and high volume, maintaining the level since. On December 10, it saw further upward movement with significant volume, suggesting that continued momentum may lead to more gains according to technical analysis. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

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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.

Stock name: NHPC Ltd.

Pattern: Support and reversal

Time frame: Daily

Observation:

Post the COVID period, the stock has been on an upward trajectory. By late January 2024, a surge in trading volume established a strong support line, which the stock has repeatedly held since February 2024. Following a market-wide decline, the stock reached this support line towards the end of October 2024 and consolidated above it. The stock has rebounded on 19 November 2024. This was further supported by green candles on 25 November and 06 December with good trading volumes. As per technical analysis, it may move further upward if momentum continues. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.

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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.

Stock name: Lemon Tree Hotels Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock reached its all-time high (ATH) on May 6, 2024, before cooling off and moving in the downward direction. Between August and December 2024, it formed a double bottom pattern on the daily chart. A breakout from the pattern occurred on December 6, 2024, followed by a significant green candle with high trading volume on December 9, 2024. According to technical analysis, sustained momentum may lead to further upside 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: Asian Paints Ltd.

Pattern: Support breakdown

Time frame: Weekly

Observation:

The stock has been trading within a parallel channel since May 2021. It has seen a sharp downward movement in September 2024. In November 2024, it experienced a significant gap-down breakdown below the channel's support level. Following this, the stock continued its decline with successive bearish candles. Technical analysis suggests that if the current momentum persists, the stock may see further downward movement. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. 

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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.

Stock name: Krishna Institute of Medical Sciences Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

Listed on the NSE in June 2021, the stock has been in an upward trend from the get go. It saw a rapid surge in August and early September 2024 before entering a consolidation phase from September 9, forming a flag and pole pattern on the weekly chart. A breakout from this pattern occurred in November 2024, after which the stock resumed its upward trajectory. Technical analysis indicates that if the current momentum sustains, the stock may rise 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: Central Depository Services (India) Ltd.

Pattern: Resistance breakout

Time frame: Daily

Observation:

The stock reached its previous high on August 23, 2024, and has since been consolidating, forming a resistance level on its daily chart. Despite multiple attempts, the stock struggled to break past this level. However, on December 4, 2024, it experienced a significant breakout, confirmed by a massive green candle and high trading volume in the next session. With this momentum, the stock is currently moving in the all-time high levels, and technical analysis indicates that it may rise further if the trend continues. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form

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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.

Stock name: Data Patterns (India) Ltd.

Pattern: Triple bottom pattern

Time frame: Daily

Observation:

The stock hit its all-time high in July 2024 but has since trended downward. Between September and December 2024, it formed a triple-bottom pattern on the daily chart. On December 4, 2024, the stock broke out with high volumes and sustained this level in the following session. If the breakout momentum continues, technical analysis suggests that 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.

Stock name: Laurus Labs Ltd.

Pattern: Parallel channel and breakout

Time frame: Daily

Observation:

In our 10 October 2024 blog (link for reference), we highlighted a stock trading within a parallel channel for an extended period. Around 08 October 2024, it rebounded from the channel's support and started moving upward. On 25 November 2024, the stock broke through the resistance level of the channel, continuing its bullish momentum. It is now nearing a crucial resistance level at a prior high on the daily chart, where a breakout may signal 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: Bank of Maharashtra

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock reached a high in early June 2024 but subsequently cooled off. Between October and November 2024, it formed a double-bottom pattern on the daily chart. Towards the end of November 2024, the stock broke out of this pattern, confirmed by subsequent green candles. A big green candle with significant volume is observed on 04 December 2024. According to technical analysis, if the stock sustains its breakout momentum, it may witness 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: RHI MAGNESITA INDIA Ltd.

Pattern: Support and reversal

Time frame: Daily

Observation:

The stock experienced a downward movement from December 2023 to March 2024, forming a support level on the daily chart. After consolidating since July 2024, it briefly dipped below support in November but recovered swiftly. On 03 December 2024, it posted a strong green candle above the support with decent volume. Technical analysis suggests that the stock may rise further if the current momentum sustains. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form

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: Vardhman Textiles Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock has cooled down from its ATH since July 2024. It has formed a double bottom pattern between October and December 2024. A breakout was registered on 02 December 2024, confirmed by a strong green candle with good volume on 03 December. As per technical analysis if the stock is able to maintain the breakout 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: eClerx Services Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

As noted in our 04 October 2024 blog (link for reference), the stock formed a cup and handle pattern on its daily chart and broke out in late September 2024. After a brief upward move, it retested and dipped below the breakout level. However, by 06 November 2024, the stock recovered sharply with significant volume, initiating a strong upward trend. The stock has been moving in the upward direction from there onwards. 

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: Cera Sanitaryware Ltd.

Pattern: Support and reversal

Time frame: Daily

Observation:

The stock has maintained an overall upward trend, forming a high around February 2023 before cooling. In May 2023, it broke out with strong volume, and the breakout level has since acted as support. After a market-driven dip, the stock retested this support in November 2024 and rebounded with good volume around November 17-18. Post-rebound, the stock is trending upward, with technical analysis suggesting that the stock may rise further if momentum sustains. 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: Piramal Enterprises Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

The stock has been in a downtrend since October 2021. Between May 2022 and November 2024, it formed a double bottom pattern on the monthly chart. A breakout from this pattern occurred in November 2024, though it currently lacks strong momentum. Technical analysis indicates that if upward momentum builds, 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: Ipca Laboratories Ltd.

Pattern: Resistance breakout

Time frame: Monthly

Observation:

The stock has been in an uptrend since 2017 and registered a new all-time high (ATH) in September 2021, followed by a cooling phase. Recovery began in June 2023, with the stock retesting its previous ATH and facing resistance. A breakout occurred in September 2024, confirmed by subsequent upward momentum. If the stock sustains this trend, technical analysis suggests that the stock may move further upward. 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.