Stock name: Abbott India Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
Experiencing an upward trajectory, the stock displayed a cup and handle pattern on its weekly chart from October 2021 to January 2024. A breakout from this pattern occurred in January 2024, backed by above average trading volume and a positive MACD indicator signal. Following the breakout, the stock is advancing in an upward direction. With the current RSI levels in the overbought zone, the stock may see some retest. According to technical analysis, the stock may continue its upward movement if it sustains its current momentum.
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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: Adani Green Energy Ltd.
Pattern: Flag and pole pattern
Time frame: Daily
Observation:
Following a long period of stabilization and sideways movement, the stock exhibited a rapid upward surge between November 23, 2023, and December 7, 2023. Subsequently, the stock resumed consolidation until February 2024, resulting in the development of a flag and pole pattern on the daily chart. A breakout from this pattern occurred on February 7, 2024, accompanied by substantial trading volume and a positive MACD indicator signal. The stock is currently on an upward trajectory post-breakout, supported by favourable RSI levels. Based on technical analysis, the stock may see further upward movement if it sustains its present momentum.
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:
- Shriram Group is reportedly planning to raise up to Rs 2,400 crore to acquire a stake in its group companies currently held by Piramal Enterprises. The move aims to facilitate Shriram's buyback of the stake from Piramal and strengthen its position in various subsidiaries. The fundraising strategy involves a mix of debt and equity. Shriram Group has a diverse presence in sectors such as finance, insurance, and infrastructure, and this financial manoeuvre is expected to impact its strategic positioning within the conglomerate.
- Bandhan Bank has appointed Rajeev Mantri, formerly associated with Citi India, as its Chief Financial Officer. This strategic hiring signals the bank's focus on strengthening its financial leadership and management. Rajeev Mantri brings his expertise from Citi India to the role, and his experience is expected to contribute to Bandhan Bank's financial strategies and operations.
- Grasim Industries has entered the paint business with the launch of 'Birla Opus.' The company aims to secure the second-largest position in the Indian paint sector through this venture. Grasim Industries, part of the Aditya Birla Group, is diversifying its portfolio with this strategic move into the competitive paint industry. 'Birla Opus' will offer a range of paint products, and Grasim is set to leverage its brand reputation and distribution network to establish a significant presence in the market.
