Stock name: Dr. Reddy's Laboratories Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
The stock's overall trend has been positive, but it recently consolidated, forming a double top pattern on its daily chart. It broke out from this pattern on May 09, 2024, accompanied by a bearish MACD signal. Since the breakout, the stock has been trending downward with a low RSI. According to technical analysis, if the current momentum continues, the stock may decline further.
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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: Jubilant Ingrevia Ltd.
Pattern: Double bottom pattern and retest
Time frame: Weekly
Observation:
The stock experienced a decline from October 2021, but stabilized between January 2023 and April 2024, forming a double bottom pattern. In April 2024, it broke out from this pattern with strong trading volume and a bullish MACD indicator. The stock is currently retesting the breakout level, with the RSI in a favourable zone. According to technical analysis, a successful rebound from this retest may lead to further upward movement.
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:
- Mahindra Group plans to invest Rs 37,000 crore in its auto sector by 2030, with the aim to launch 23 new vehicles. The focus will be on electric vehicles (EVs), with significant investments in EV technology and infrastructure. Mahindra aims to have 20-30% of its SUV portfolio electric by 2030 and has already unveiled five electric SUV models. This investment aligns with their strategy to lead the SUV market and advance in EV technology, ensuring a robust growth trajectory in the coming years.
- Dixon Technologies has partnered with Realme to manufacture display modules for mobile phones. This move marks Dixon's expansion into the high-growth display manufacturing segment, further strengthening its position in the electronics manufacturing services (EMS) market. The company plans to leverage its existing infrastructure and expertise to meet Realme's demand, which is expected to enhance both production capabilities and business growth. This partnership is a strategic step for Dixon as it aligns with its goal of broadening its portfolio and entering new high-potential sectors.
- The NCLT has approved the merger between Reliance's Viacom18 and Disney's Star India, creating a joint venture valued at $8.5 billion. This merger aims to combine their digital and TV assets, enhancing their market reach to over 750 million viewers in India. Nita Ambani will chair the venture, with Uday Shankar as Vice Chairperson, focusing on delivering diverse and affordable content​.
