Stock name: Berger Paints India Ltd.
Pattern: Inverse Head and shoulders pattern
Time frame: Daily
Observation:
The stock experienced a downward trend from September 2023 but stabilized from April to July 2024, forming an inverse head and shoulders pattern on its daily chart. Although it hasn't yet broken out from the pattern, it is just below the breakout line. The current RSI level is favourable. Technical analysis suggests that if the stock breaks out with strong 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: Linde India Ltd.
Pattern: Triple top pattern and retest
Time frame: Daily
Observation:
The stock experienced a significant rise starting in March 2024. Recently, it stabilized and formed a triple top pattern on its daily chart. On July 23, 2024, it broke out from this pattern. After the breakout, the stock dipped slightly but is now retesting the breakout level. With an RSI around 40, the stock shows weaker strength. As per technical analysis, if the stock resumes its downward momentum, it may decline further.
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:
- In an interview with ET, Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), stated that authorities are in the final stage of identifying suitable bidders for a majority stake in IDBI Bank. The strategic sale of the state-run lender is expected to conclude this fiscal year. Pandey emphasized that the government will adopt a "calibrated disinvestment strategy" without setting specific "big-bang targets," ensuring that state-run firms continue to create value.
- Nissan, with Renault, plans to launch nearly half a dozen SUVs in India, starting with the imported X-Trail. This will be followed by two mid-size SUVs. India will be the sole production hub for half of these new models by 2026, including an affordable EV. Nissan aims to boost annual sales to 35,000 units and expand exports of the SUV Magnite to 40 countries by the end of this fiscal year. With a $600 million investment in India, the company is also exploring electric car launches and other vehicles from its global portfolio.
- The government has cancelled a planned ₹30,000 crore equity infusion for Indian Oil, Bharat Petroleum, and Hindustan Petroleum due to their record profits in FY24. Initially reduced to ₹15,000 crore, this support has now been fully scrapped. Despite previous losses driven by the oil crisis, these companies posted combined profits of around ₹81,000 crore in FY24. Plans for filling strategic oil reserves have also been cancelled. Meanwhile, ONGC and GAIL are focusing on achieving net-zero emissions.
