Blog posts of '2024' 'April'

Stock name: Aditya Birla Capital Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Between November 2017 and April 2024, the stock has formed a cup and handle pattern on its weekly chart. In April 2024, it broke out from this pattern, supported by substantial trading volume and a bullish MACD indicator. Following the breakout, the stock is trending upwards. Technical analysis suggests that if the stock sustains its current momentum, it may ascend further.

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 Fashion and Retail Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since October 2022, the stock has experienced a decline, followed by a period of consolidation leading to the formation of a double bottom pattern on its weekly chart. April 2024 witnessed a breakout from this pattern, backed by higher-than-average trading volume and a bullish MACD indicator. Additionally, the RSI indicator for the stock is presently at a favourable level. Based on technical analysis, if the current momentum persists, the stock may ascend further.

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.

News for the day:

• Tata Sons has acquired Temasek's 10% stake in Tata Play, India's leading DTH firm, for Rs 835 crore. This increases Tata Sons' ownership to 70%, aligning with its focus on media and entertainment. Discussions are ongoing with Walt Disney, the minority stakeholder, regarding their exit from the company.
  
  
• Reliance Industries has bought 2 million barrels of Canadian crude from Shell for July delivery via Canada's new Trans Mountain pipeline. This marks Reliance's first purchase from the pipeline, part of a growing trend among Asian refiners. The deal, at a $6 per barrel discount to September ICE Brent, reflects efforts to meet rising Asian demand for Canadian crude.
  
  
• JNK India shares debuted on the NSE and BSE with a 50% premium over the issue price, showcasing high market demand. Specializing in heating equipment for the oil & gas sector, the company holds a robust order book and strong market leadership. With a solid financial track record and expansion plans, JNK India is poised for substantial growth amid favourable prospects in India's oil & gas and hydrogen sectors.

Stock name: SRF Ltd.

Pattern: Symmetrical triangle pattern

Time frame: Monthly

Observation:

Between September 2021 and March 2024, the stock has undergone consolidation, forming a symmetrical triangle pattern on its monthly chart. March 2024 witnessed a breakout from this pattern, propelling the stock upwards. Presently, the stock maintains favourable RSI levels and displays bullish signals on the MACD indicator. Technical analysis suggests that if the current momentum persists, the stock may continue its upward trajectory.

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: Quess Corp Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since September 2021, the stock has experienced a downward trend, stabilizing somewhat from November 2022 onwards and forming a cup and handle pattern on its weekly chart. April 2024 marked a breakout from this pattern, accompanied by above-average trading volume and a bullish MACD indicator. Following the breakout, the stock surged upwards. Presently, the stock's RSI levels indicate overbought conditions, suggesting a potential retest. Technical analysis suggests that if the stock maintains its current momentum, it may see further upward movement.

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.

News for the day:

• AU Small Finance Bank stands as the sole contender eligible for a universal bank license, meeting stringent RBI criteria with a robust net worth and low non-performing assets. Following its merger with Fincare Small Finance Bank, AU's balance sheet has grown substantially, serving around 10 million customers.+
  
  
• Himadri Speciality Chemical Ltd plans a Rs 220 crore investment to expand specialty carbon black capacity in West Bengal, targeting European demand amid a potential ban on Russian imports. The expansion, slated for completion in 18 months, aims to boost exports and establish the world's largest specialty carbon black capacity at a single site.
  
  
• Macrotech Developers, under Abhishek Lodha's leadership, plans a Rs 5,000 crore investment in FY25 for real estate projects, targeting 10,000+ unit deliveries and expansion into Bengaluru. With robust housing demand, the company achieved major targets in 2023-24, focusing on pre-sales, land acquisition, and debt reduction. Macrotech aims for continued growth by launching new projects and exploring expansion into other major cities, buoyed by strong sales prospects.

Stock name: Deepak Fertilisers & Petrochemicals Corp. Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Between February and April 2024, the stock has formed a cup and handle pattern on its daily chart. The stock has registered a breakout on April 24, 2024, supported by substantial trading volume. Concurrently, the stock's RSI indicates elevated levels. Technical analysis suggests that if the stock maintains its breakout momentum, it may potentially ascend further.

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 Properties Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between October 2021 and April 2024, the stock exhibited a cup and handle pattern on its weekly chart, forming in a breakout at the beginning of April 2024. This breakout was supported by slightly above-average trading volume and a bullish MACD indicator. Presently, the stock is undergoing a retest of the breakout level, with the RSI at a favourable level. Technical analysis suggests that if the stock rebounds from this retest, it may potentially ascend further.

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.

News for the day:

• RBI imposes strict restrictions on Kotak Mahindra Bank for long-standing IT system issues, prohibiting new customer acquisitions online and issuing fresh credit cards. Despite this, the bank assures uninterrupted services and pledges to bolster its IT systems. The RBI's action highlights serious deficiencies in Kotak's operations, marking a significant regulatory intervention.
  
  
• REC Limited extends a Rs 1,869.265 crore term loan to Chenab Valley Power Project Private Limited (CVPPPL) for the Kiru Hydro Electric Project on the Chenab River. The loan facilitates the development of the 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu and Kashmir. CVPPPL, a joint venture between NHPC and JKSPDC, aims to harness the hydro potential of the Chenab River with multiple projects totalling 3,094 MW capacity.
  
  
• The National Company Law Tribunal (NCLT) Ahmedabad bench has admitted an insolvency resolution plea against Sadbhav Engineering, a listed infra firm, filed by its operational creditor SS Infra. NCLT cited Sadbhav Engineering's default in payment as the reason for admission. Sanjay Kumar Agarwal has been appointed as the interim resolution professional (IRP) for the company.

Stock name: General Insurance Corporation of India

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Since March 2023, the stock has been on an upward trend. Between January and March 2024, it stabilized and formed a double top pattern on the daily chart. On March 12, 2024, the stock broke out of this pattern, backed by average trading volume. Following the breakout, it underwent a retest and began descending again. Presently, the stock's RSI levels are low. As per technical analysis, the stock may see continuation of its downward trajectory if the current momentum continues.

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 New India Assurance Company Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

The stock has experienced an upward trend since November 2023. From January to March 2024, it stabilized and formed a double top pattern on its daily chart. On March 13, 2024, the stock broke out of this pattern, supported by above-average trading volume. Following the breakout, it completed a retest and resumed its downward movement. Currently, the stock's RSI levels are low. As per technical analysis sustaining the current momentum may lead to further decline.

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.

News for the day:

• Bharti Airtel is in talks to acquire Vodafone Group's 21.05% stake in Indus Towers, potentially securing a controlling interest. The move could bolster Airtel's stake to 69% and aid Vodafone Idea (Vi), its struggling telecom venture, with infusion of funds. Negotiations, however, are stalled over valuation, led by Airtel's Sunil Mittal. Indus Towers' shares closed 2.9% higher at ₹359.65 on the BSE, with a market capitalization of ₹96,923.41 crore.
  
  
• Mahindra Finance has uncovered a fraud of approximately Rs 150 crore in its retail vehicle loan portfolio at a branch in the northeast. The fraud, involving forgery of KYC documents and fund embezzlement, has led to the postponement of the board meeting to approve financial results for the March quarter and 2023-24. Investigations are ongoing, with some individuals implicated already arrested.
  
  
• Mukesh Ambani's Reliance Industries Ltd (RIL) is set to disrupt India's consumer electronics and home appliances market with its new made-in-India brand, Wyzr. The move aims to challenge the dominance of foreign labels by designing and developing products in-house. Reliance is finalizing production agreements with domestic manufacturers and plans to set up its own plants once the brand gains traction. Wyzr has already debuted with air coolers, with plans to expand into categories like televisions and washing machines under Reliance Retail.

Stock name: 3M India Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

Since May 2022, the stock has experienced a notable uptrend. Recently, it stabilized and exhibited a head and shoulder pattern on its daily chart. On April 15, 2024, the stock broke out from this pattern. Following the breakout, it underwent a strong retest of the breakout level and is presently trading above the neckline. Despite this, the RSI level remains relatively low. According to technical analysis, a successful completion of the retest and a subsequent downward momentum may lead to further decline.

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: Bharat Forge Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

In February 2024, the stock experienced a significant decline. Following this, it stabilized and depicted a double bottom pattern on its daily chart. On April 19, 2024, the stock broke out from this pattern. Subsequently, it has been moving upwards accompanied by favourable RSI levels. Technical analysis suggests that if the stock maintains its current momentum, it may extend its upward trajectory.

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.

News for the day:

• Pavna Industries partners with OLA Electric to supply auto components, marking its entry into the domestic EV sector, specifically targeting the two-wheeler segment. The agreement involves supplying ignition switches and latches from Pavna's Aligarh unit to OLA Electric's plants across India. Pavna Group's shares rose by 4.99% to Rs 561.40 on the BSE following the announcement.
  
  
• Ravi Jaipuria of RJ Corp has finalized a succession plan: his son will lead the food & beverages business, encompassing Varun Beverages and Devyani International, while his daughter will oversee healthcare and education ventures. Both children, Varun and Devyani, are set to assume strategic leadership roles. The Jaipurias hold substantial stakes in the listed companies, with Varun focusing on VBL and DIL, and Devyani managing healthcare and education sectors. Ravi Jaipuria will remain chairman, overseeing overall growth and policies, while professionals handle daily operations.
  
  
• Zydus Lifesciences debuts a generic drug for overactive bladder in the US, launching Mirabegron extended-release tablets (USP 25 mg) with plans for the 50 mg variant. The medication, aimed at alleviating symptoms like urge urinary incontinence and urgency, will be produced at Zydus' facility in Ahmedabad SEZ, India. CEO Punit Patel highlights the launch's significance for the company's growth strategy in the US market.

Stock name: Bayer Cropscience Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Since September 2020, the stock has experienced a decline, followed by stabilization, marking a double bottom pattern on its weekly chart. December 2023 witnessed a breakout from this pattern. However, post-breakout, the stock underwent a rigorous retest, slipping below the pattern's neckline. Presently, the stock has rebounded from the retest, accompanied by a favourable RSI level. As per technical analysis, if the stock continues with the current momentum, it may see continuation of the upward trajectory.

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: Muthoot Finance Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has shown a consistent upward trend. During the period from January 2022 to April 2024 the stock has formed a cup and handle pattern on the weekly chart. In the first week of April 2024, the stock broke out from this pattern, backed by above-average trading volume and a bullish MACD indicator. According to technical analysis, the stock may sustain its upward momentum if it maintains its current trajectory.

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.

News for the day:

• Hero MotoCorp and CG Motors have inaugurated an assembly unit in Nepal, capable of producing 75,000 units annually, including popular models like Xpulse 200 4V and Super Splendor. This venture aims to attract investments and create job opportunities in Nepal, while Hero MotoCorp plans to expand its sales and service network in the country.
  
  
• Tesla cuts prices in China amid stiff competition, while Elon Musk delays his India visit. Model 3 now starts at 231,900 yuan, down from 245,900 yuan, and Model Y at 249,900 yuan, reduced from 263,900 yuan. The move follows incentives introduced to counter rivals like BYD. Despite India's favourable EV policies, Tesla faces challenges globally, with falling stock prices and Musk's postponed plans.
  
  
• HPCL plans to establish an international oil trading desk as part of its Visakh Refinery Modernisation Project, aiming to enhance capacity and distillate yields. The desk will enable real-time procurement of crude oil from global markets, potentially reducing import costs. HPCL is finalizing the desk's location as it progresses with the modernization project, set to increase petrol and diesel production with BS-VI specifications.

Generally, when you talk about taxes, you tend to procrastinate, because that is tedious job to do, but there is due date for filing your taxes which needs to be adhered to else you’ll have to face the consequences for the same.

Today, let us deep dive to understand what are the different types of ITR and what are the due dates for filing them.

Lets first understand what all types of Income tax returns are available?

1. Regular return

A regular Income Tax Return (ITR) is a document which is used to report details about your income and taxes to the Income Tax Department. The amount of tax a taxpayer owes is determined based on their income. If the return indicates that excess tax has been paid within a given year, the individual is eligible to receive a refund from the Income Tax Department.

2. Revised Return

If you find any error or discrepancy in your original return, you can rectify the same and file a revised return u/s 139(5). Such errors can include

1. Any mistake in personal information like address, residential status etc
2. Wrong ITR Form
3. Missed reporting income sources
4. Errors in carrying forward losses
5. Mistakes in deductions claimed and so on.

Once you file a revised return, it will substitute your original return, and don’t forget that you also need to verify your revised return as well within 30 days of filing it.

3. Belated Return

This is for all those who snoozed through the due date of filing ITR. You can file a belated return till 31st December of the relevant Assessment Year. So, if you haven’t filed your ITR for AY 2022-23, you can file a belated return by 31st December 2022. But wait! Remember that filing a belated return comes with consequences. What are they?

1. Interest u/s 234A

Simple Interest @ 1% of tax liability per month or part thereof will be levied if you file a belated return. The calculation of interest will be from the date after the due date until the actual date of filing. For example, the due date for filing ITR for AY 2022-23 was 31st July 2022. Now, if you file a belated return on 2nd October 2022, you will have to pay interest for 3 months. So, the earlier you file it, the lesser penalty you will have to pay.

1. Late Filing Fees u/s 234F

If you file a belated return, you may have to end up paying a late filing fee of up to INR 5,000. However, it will only be applicable if your income is above the basic exemption limit.

1. Inability to carry forward losses

You can set off your losses against the current year’s incomes while filing a belated return. However, you will not carry forward your losses incurred except for house property loss.

1. Inability to claim certain deductions/exemptions

Filing a belated return also prevents you from claiming deductions/exemptions u/s 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE.

4. Updated Return

ITR-U or Updated Income Tax Return is the form that allows you to rectify errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022.

An Updated Return can be filed in the following cases:

1. Did not file the return. Missed return filing deadline and the belated return deadline
2. Income is not declared correctly
3. Chose wrong head of income
4. Paid tax at the wrong rate
5. To reduce the carried forward loss
6. To reduce the unabsorbed depreciation
7. To reduce the tax credit u/s 115JB/115JC
8. A taxpayer can file only one updated return for each assessment year (AY).

Now after understanding the types of returns, let us also take a look at the due dates for filing these returns.

Income tax filing due dates for FY 2023-24 (AY 2024-25)

Stock name: MphasiS Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Since March 2023, the stock has steadily risen, stabilizing between December 2023 and March 2024, displaying a double top pattern on its daily chart. March 2023 saw a breakout from this pattern, accompanied by above-average trading volume. Following the breakout, the stock retested its breakout level once before resuming a downward trajectory. Presently, the stock's RSI levels are notably low. As per technical analysis, if current momentum persists the stock may move further downwards.

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: Indian Railway Catering And Tourism Corporation Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

From October 2021 to April 2024, the stock formed a cup and handle pattern on its weekly chart, with a breakout occurring in the second week of April 2024. The breakout was accompanied by average trading volume and a bullish MACD indicator. Subsequently, the stock has faced heavy retest of the breakout and it is presently trading below the breakout level. The RSI has cooled off due to the retest, reaching a favourable level. According to technical analysis, a rebound from the retest might prompt an upward movement in the stock.

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.

News for the day:

• Tata Motors plans to use a new $1 billion plant in Tamil Nadu to manufacture Jaguar Land Rover (JLR) luxury cars, sources disclosed. While the company previously announced the investment without specifying models, this move indicates an expansion in production capacity. Official confirmation on which JLR models will be produced is pending, with Tata Motors refraining from commenting on the speculation.
  
  
• Nestle may encounter Indian regulatory action due to sugar levels in infant milk; brand responds with explanations. A probe found regional disparities in sugar content, prompting Nestle India to defend its practices, emphasizing compliance and ongoing efforts to reduce added sugars. WHO and health experts raise concerns about public health implications, while Nestle pledges to further reduce sugar levels without compromising safety or quality.
  
  
• Hindustan Zinc, part of Vedanta Group, rises as the world's third-largest silver producer, with Sindesar Khurd Mine now ranking second globally. Its 5% production increase is attributed to enhanced ore output and grades, reinforcing its pivotal role in the global silver market amid the energy transition. As the world's second-largest integrated zinc producer, Hindustan Zinc commands 75% of India's zinc market, with headquarters in Udaipur and operations across Rajasthan.

Stock name: Raymond Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

From September 2023, the stock experienced a downward trend before stabilizing, forming a double bottom pattern on its daily chart. A breakout from this pattern occurred on April 3, 2024, backed by above-average trading volume. Following the breakout, there was a significant retest of the breakout level, leading to a favourable cooling off of the RSI. According to technical analysis, a successful rebound from this retest may signal further upward movement for the stock.

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: Bosch Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since 2015, the stock has declined until COVID-19, then found stability. Subsequently, it rebounded, forming a rounding bottom pattern on its monthly chart spanning from February 2015 to February 2024. February 2024 saw a breakout from this pattern, accompanied by robust trading volume. Following the breakout, the stock trended upward. According to technical analysis, sustaining this breakout momentum may propel the stock higher.

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.

News for the day:

• Ramkrishna Forgings makes its foray into the US EV market by supplying powertrain components to the largest producer, leading to a 3% surge in shares. This move reflects their dedication to innovation and sustainable mobility, complementing their recent orders for Vande Bharat train sets.
  
  
• Reliance Consumer Products (RCPL), a subsidiary of Reliance Industries, achieved remarkable success in its debut year, raking in sales of ₹3,000 crore in FY24. Notably, beverage brand Campa Cola contributed ₹400 crore to this feat. RCPL aims to sustain its sales growth by focusing on staples and beverages, with plans to raise ₹500-₹700 crore this fiscal to expand Campa Cola's bottling capacity. This milestone surpasses the sales of established players like Emami, underscoring RCPL's rapid ascent in the FMCG sector.
  
  
• Vodafone Idea's FPO opened today, driving a 4% surge in its stock to Rs 13.48, with notable interest from investors like GQG Partners. Vi raised Rs 5,400 crore from 74 anchor investors, including UBS and Morgan Stanley Investment Management. Despite investor enthusiasm, analysts warn of the company's high debt load for retail investors.