Stock name: Cyient Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock has shown a strong upward trend since the post-COVID period. Between December 2023 and April 2024, it stabilized and formed a double top pattern on its daily chart. On April 29, 2024, it broke out from this pattern. Following the breakout, the stock is trending downward with a low RSI. According to technical analysis, if the breakout momentum holds, the stock may continue its 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: Gujarat Mineral Development Corporation Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
From November 2007 to September 2023, the stock formed a rounding bottom pattern on its monthly chart. It broke out from this pattern in September 2023, supported by strong trading volume and a bullish MACD. Following the breakout, the stock moved upward but has corrected in the past couple of months, which helped cool down the RSI from the overbought zone. According to technical analysis, if the stock rebounds from this correction, 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.
News for the day:
- Muthoot FinCorp achieved its highest-ever loan disbursements in FY24 at Rs 61,703.26 crore, up 18.6%, with a consolidated net profit of Rs 1,047.98 crore, a 62% increase. Standalone disbursements rose 15% to Rs 50,167.12 crore, and profit after tax increased by 22.4% to Rs 562.81 crore. The company's customer base grew by 14% to 42.98 lakh.
- The suspension of mining operations at Vedanta's iron ore mine in Chitradurga, Karnataka, has been lifted. The suspension was initially imposed in April due to non-compliance with the approved mining plan. Following rectification work and a satisfactory inspection by the authorities, the Office of the Regional Controller of Mines revoked the suspension order on May 21, 2024. Vedanta reported no significant adverse impact from the suspension.
- Paytm reported a widened loss of Rs 550 crore for Q4 ending March 2024, compared to Rs 169 crore in the same quarter last year. Revenue dropped 3% YoY to Rs 2,267 crore. The results were affected by temporary UPI transition disruptions and a permanent impact due to the Paytm Payments Bank embargo. The company anticipates an annualized direct impact on EBITDA of around Rs 500 crore due to the embargo.
