Stock name: Birlasoft Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
Since April 2023, the stock has been trending upward before stabilizing and forming a double top pattern on its weekly chart. Currently, it is close to the breakout line but hasn't yet registered a breakout. This breakout line could act as a support level before a potential breach. Recently, the stock has shown a bearish indicator on its weekly MACD and has a low RSI level. According to technical analysis, if the stock experiences significant downward movement and breaches the breakout line with momentum, it may face further decline.
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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: JSW Infrastructure Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since its market listing, the stock has trended upward. From June to August 2024, it formed a double top pattern on the daily chart. On August 5, 2024, amid a market downturn, the stock closed below the breakout line. However, it has since recovered and is moving above this line again, requiring further confirmation to determine a true breakout. Currently, the stock's RSI is low, and technical analysis suggests that a strong breakout from the pattern may lead to a further decline.
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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:
- State Bank of India (SBI) is enhancing its wealth management business by deploying 2,000 relationship managers to attract affluent clients and smaller companies. Chairman Dinesh Khara emphasized the bank's extensive product offerings and distribution network. Despite competition from global and domestic firms, SBI aims to capture a larger share of India's growing wealth market. For the quarter ending June 30, 2024, SBI reported a net profit of Rs 17,035 crore, slightly up from the previous year and exceeding market expectations.
- India has signed Bilateral Air Services Agreements (ASAs) with 116 countries to enhance global connectivity and promote economic and tourism growth. These agreements enable international flights between India and these nations. In a recent Rajya Sabha session, Minister of State Murlidhar Mohol clarified that the ASAs designate specific cities, not states, as points of call to facilitate better management and operational efficiency. Cities like Delhi, Mumbai, Bangalore, and others are included under these agreements, ensuring greater flexibility and coverage for airlines.
- State-owned telecom company MTNL has defaulted on bank loan payments totalling Rs 422.05 crore, comprising Rs 328.75 crore in principal and Rs 93.3 crore in interest for June and July. MTNL has sought Rs 1,151.65 crore from the government for interest on sovereign guarantee bonds and Rs 3,668.97 crore for principal repayment. The company raised Rs 5,573.52 crore in debt from various banks and has total borrowings of Rs 7,873.52 crore, with overall debt standing at Rs 31,944.51 crore.
