Stock name: Avenue Supermarts Ltd.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
The stock has been declining since October 2021 but later formed a double bottom pattern on its weekly chart. In April 2024, it broke out of this pattern with above-average trading volume. Following the breakout, the stock moved sideways, bringing the RSI below the overbought zone. According to technical analysis, if the stock gains upward 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: Kajaria Ceramics Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock has been declining since August 2023 but stabilized from March to May 2024, forming a double bottom pattern on its daily chart. It broke out of this pattern around May 21, 2024, with higher-than-average trading volume. Following the breakout, the stock faced a significant retest, cooling down its overbought RSI levels. According to technical analysis, if the stock rebounds from this retest, it may continue moving upward.
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:
- IndiGo, operated by Interglobe Aviation, will launch a customized business product for India's busiest routes by year-end, marking a shift from its current economy-only offerings. CEO Pieter Elbers highlighted the move as part of IndiGo's innovation strategy. The airline, which saw a 13% rise in domestic passengers and a significant profit increase in Q4FY24, will reveal more details in August.
- Adani Enterprises is likely to join Sensex, possibly replacing Wipro, in BSE's upcoming semi-annual index reshuffle. This change is expected to bring inflows of $118 million for Adani and outflows of $56 million for Wipro. BSE, India's key stock exchange, will announce the changes soon, with adjustments taking effect on June 21. This move follows a sustained rally in Adani Enterprises' shares.
- JSW Paints achieved its first operating profit in FY24, crossing Rs 2,000 crore in revenue. The company targets Rs 5,000 crore in revenue by FY26 by expanding its retail presence in home decor and adding industrial coating products. With a network of 6,000 retailers and plans to grow this by 2,000-2,500 annually, JSW Paints aims to outpace market growth by 5 to 10 times. The company has invested Rs 900 crore in its business and plans continued expansion to capitalize on the fast-growing Indian paints market.
