Stock name: Eicher Motors Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Monthly
Observation:
The stock has formed a cup and handle pattern on its monthly chart, spanning from 2017 to 2023. It broke out of this pattern in December 2023, with support from a bullish MACD indicator and average trading volume. However, it experienced a retest immediately afterward. Currently, the stock has rebounded from this retest and is moving upward. According to technical analysis, if the stock maintains its current momentum, it may continue to rise 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: Equitas Small Finance Bank Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock has been declining since January 2024. From March to June 2024, it stabilized and formed a double bottom pattern on the daily chart. On June 14, 2024, the stock broke out from this pattern with significant trading volume. It is currently retesting the breakout, which has cooled the overbought RSI level. According to technical analysis, a successful rebound from this retest may signal further upward 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.
News for the day:
- India's 5G airwaves auction, valued at over Rs 96,000 crore, starts Tuesday with major telecom players like Reliance Jio, Bharti Airtel, and Vodafone Idea competing. Unlike the record-setting Rs 1.5 lakh crore auction in 2022, this auction is expected to be more subdued, with analysts predicting purchases around Rs 12,500 crore due to existing 5G holdings and lower earnest money deposits.
- Larsen and Toubro (L&T) has secured a significant contract, valued between Rs 1,000 crore and Rs 2,500 crore, to build a grid-connected solar plant with a battery energy storage system in Kajra village, Lakhisarai district, Bihar. This project will help Bihar harness renewable energy, manage climate change challenges, and meet growing energy demands. The storage system will balance supply and demand, regulate frequency, and support voltage stability.
- Hindustan Copper, a state-owned enterprise, plans to develop two copper mines in Jharkhand, with Adani Enterprises and Hindalco Industries showing preliminary interest. This was revealed during a pre-bid conference. The mines, including the long-closed Rakha mine, have a combined capacity of 3 million metric tons. The Rakha mine was previously closed due to high operating costs.
