Stock name: CreditAccess Grameen Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Weekly
Observation:
Since its listing, the stock has been on an upward trajectory. Recently, it formed a head and shoulder pattern on its weekly chart and broke out in July 2024. After an initial decline, it is now retesting the breakout level. The RSI is currently in a low zone, and the MACD indicator is bearish. Technical analysis indicates that if the stock completes the retest and gains downward momentum, it may experience 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: Cera Sanitaryware Ltd.
Pattern: Flag and pole pattern
Time frame: Daily
Observation:
In June 2024, the stock experienced a rapid upward movement. During July 2024, it consolidated, forming a flag and pole pattern on its daily chart. The stock remains in consolidation without breaking out. This consolidation has cooled the RSI to a favourable zone. Technical analysis suggests that if the stock gains upward momentum and breaks out, it may rise 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:
- Godrej Properties, part of Godrej Industries Group, has acquired a 46-acre land parcel in Indore for plotted residential development. Located off Indore-Ujjain Road, the site will offer around 1.16 million sq ft of saleable area. The area is well-connected to key landmarks and benefits from expanding metro lines and infrastructure development, making it a promising market for residential projects.
- IDFC First Bank's CEO V Vaidyanathan stated that the bank has transitioned to retail deposits, reducing the need for aggressive deposit and branch expansion. Provisions are expected to stay elevated in the near term due to asset quality issues, with improvement anticipated from Q3 onwards. The bank has adjusted its deposit and credit growth targets accordingly.
- JSW Cement, led by Sajjan Jindal, is considering acquiring CK Birla's stake in Orient Cement Ltd (OCL). This move comes amid sector consolidation, with Aditya Birla and Adani groups also in negotiations to take over the company. Orient Cement's stock has rallied 56% in three months, and acquiring it could help JSW ramp up its capacity to 24 MTPA. A reverse merger could also enable JSW Cement to get listed.
