Technical Analysis of ACC & HINDALCO

Stock name: ACC Ltd.

Pattern: Triple top pattern

Time frame: Daily

Observation:

Since March 2023, the stock has been on an upward trajectory but has recently stabilized, forming a triple top pattern on its daily chart. On May 10, 2024, it broke out from this pattern, accompanied by average trading volume and a bearish MACD indicator. Additionally, the RSI level of the stock is currently in the lower zone. Based on technical analysis, if the current momentum persists, the stock might experience further downward movement.

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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: Hindalco Industries Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between March 2022 and April 2024, the stock underwent a cup and handle formation on its weekly chart, culminating in a breakout in April 2024, accompanied by robust trading volume and a bullish MACD indicator. Presently, the stock is undergoing a retest of this breakout. This has led to cooling of RSI level from the overbought territory. Technical analysis suggests that a successful rebound from this retest may propel the stock in an 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.

 

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  • The auditor of Zomato's subsidiaries, Batliboi & Associates, has resigned, prompting the appointment of Deloitte Haskins & Sells LLP for a more streamlined audit process. Zomato aims to align the statutory auditor of its subsidiaries with that of the holding company, enhancing efficiency. The resignation comes ahead of Zomato's board meeting to approve results for the fourth quarter and fiscal year ending March 2024, scheduled for Monday.
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