Stock name: Bajaj Holdings & Investment Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
Since March 2024, the stock has been declining but later stabilized, forming a double bottom pattern on the daily chart. It broke out from this pattern on June 24, 2024, with substantial trading volume. After the breakout, the stock underwent some retesting but has since rebounded, now moving upward with a slightly elevated RSI. Technical analysis suggests that if the current momentum holds, the stock may continue to rise.
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: LIC Housing Finance Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
From July 2017 to June 2024, the stock formed a rounding bottom pattern on its monthly chart. It broke out from this pattern in June 2024, with above-average trading volume. Currently, the stock's RSI is in the overbought zone, suggesting a potential retest of the breakout level. According to technical analysis, if the stock maintains its current momentum, it may continue to rise.
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:
- VinFast, the EV arm of Vietnam's Vingroup, will launch its first locally assembled car in India during the 2025 festive season, priced at ₹25-30 lakh with a range of 300-500 kilometers. The new Tamil Nadu factory, opening by March 2025, will save on import duties, enabling competitive pricing. VinFast will invest over $500 million to build a 150,000-unit factory, employing 3,000-3,500 workers. They aim to reach 50,000 units in the first year, supporting India's expanding EV market.
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- Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for a five-year term from July 2, 2024, to July 1, 2029. Dr. Patel, who served as the 24th RBI Governor and Deputy Governor, brings extensive experience from roles in monetary policy and international financial institutions. Lalbhai, with a long tenure as Chairman and MD of Atul Limited, has also contributed significantly to India's chemical industry planning.
