Stock name: Bharat Dynamics Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock experienced a rapid rise starting in February 2024 but cooled off between May and August 2024, forming a double top pattern on its daily chart. It has not yet broken out of this pattern and is currently hovering near the breakout line, which now serves as support. The RSI is below 40, indicating bearish momentum. According to technical analysis, a significant breakout with strong momentum may lead to 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: Jammu & Kashmir Bank Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
After the post-COVID market crash, the stock recovered well and trended upward. Between September 2023 and July 2024, it formed a head and shoulders pattern on the daily chart, breaking out on July 8, 2024, with strong volume. Following the breakout, the stock underwent two significant retests and is currently moving along the breakout line. It has completed its second retest and is now trending downward. The stock has also shown a bearish signal on the MACD and has a low RSI level. According to technical analysis, if this momentum continues, the stock may move further downwards.
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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.
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- Indus Towers is set to become a subsidiary of Bharti Airtel after Airtel's stake in the company increases to 50.005% following a buyback exercise. The buyback involves 56.7 million equity shares priced at ₹10 each. Once the process is complete, Indus Towers will officially become a subsidiary of Airtel under the Companies Act, 2013. On the day of the announcement, Indus Towers' shares rose 1% to ₹437.40, while Airtel's shares also saw a slight increase, closing at ₹1,522.50 on the BSE.
