Stock name: Aether Industries Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
The stock has been in a downward trend since June 2023. From March to June 2024, it stabilized and formed a cup and handle pattern on its daily chart. The stock has registered a breakout from the pattern on June 26 2024. The breakout from this pattern was supported by substantial trading volume. Following the breakout, the stock has been moving upward with a high RSI. According to technical analysis, if the stock maintains its current momentum, it may continue to rise.
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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: Syrma SGS Technology Ltd.
Pattern: Inverse head and shoulders pattern and retest
Time frame: Daily
Observation:
Since December 2023, the stock has trended downward. Between April and June 2024, it formed an inverse head and shoulders pattern on its daily chart. A breakout from this pattern occurred on June 21, 2024, with significant trading volume. However, the stock is currently retesting the breakout line. Despite this, the RSI remains favourable, and if the stock rebounds from the retest, it may move further upward according to technical analysis.
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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.
News for the day:
- India is rapidly closing the gap with China and Vietnam in mobile phone exports. In FY24, mobile phone exports from China and Vietnam declined by 2.78% and 17.6%, respectively, while Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its goal of absorbing a significant portion of the supply chain shift from China.
- Godrej Properties has acquired Transfer of Development Rights (TDR) certificates worth Rs 50 crore for its Sector 43 project in Gurgaon, a practice common in Mumbai but new to the NCR region. These certificates allow for an additional 300,000 sq ft of construction, potentially generating Rs 900 crore in revenue. The TDRs, obtained from the Haryana government for land acquisition, have a floor area ratio (FAR) of 2. This strategic move is expected to spur similar transactions in Gurgaon, following the company's significant sales growth in FY24 and upcoming projects in prime sectors.
- Banks have increasingly turned to debt markets due to tight liquidity, leading to a 60% rise in borrowings through money markets and bonds during April-June compared to the previous year. Soumyajit Niyogi, director at India Ratings & Research, attributed this partly to the HDFC-HDFC Bank merger and restricted government spending during May's Union election. The merger added borrowing-led liabilities from the former non-banking financial company to overall bank borrowing data, further contributing to the increase.
