Stock name: Glenmark Pharmaceuticals Ltd.
Pattern: Flag and pole pattern
Time frame: Weekly
Observation:
Experiencing a swift ascent from March 2023 to September 2023, the stock then underwent a consolidation phase, adopting a sideways trajectory until January 2024. During this period, a flag and pole pattern materialized on the weekly chart. January 2024 marked a breakout, accompanied by above average trading volume and a favourable MACD indicator signal. Despite the breakout, the stock has maintained its lateral movement. According to technical analysis, if the stock is able to gain a momentum, it may propel the stock upward in the future.
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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: Radico Khaitan Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
The stock has exhibited a consistent upward trajectory. From January 2022 to November 2023, a cup and handle pattern emerged on the weekly chart, culminating in a breakout at the close of November 2023. The breakout was substantiated by a notable surge in trading volume. Subsequent to the breakout, the stock continued its ascent. As per technical analysis if the current momentum is sustained then the stock may see 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:
- Hyundai is considering a listing of its local unit on Dalal Street for the largest IPO in India, aiming to raise $3.3-5.6 billion this Diwali, potentially valuing Hyundai Motor India at $22-28 billion. The move comes as Hyundai aims to capitalize on India's IPO surge, with HMIL being the second-largest passenger vehicle seller in the country after Maruti Suzuki.
- Force Motors plans to invest Rs 2,000 crore over 3-4 years, emphasizing electric vehicle (EV) development, starting with the Traveller Electric. The investment will span sustainability and green energy initiatives, with a new paint shop installation. Managing Director Prasan Firodia anticipates continued strong growth of 25-35% due to government infrastructure focus and positive market sentiment.
- The Singapore Arbitration Centre has denied Sony's request to prevent Zee Entertainment from pursuing the National Company Law Tribunal (NCLT) for a merger, terminated by Sony last month. The Emergency Arbitrator ruled lack of jurisdiction, enabling Zee Entertainment to proceed with its NCLT application, while Sony seeks a USD 90 million termination fee through arbitration. The NCLT had previously approved the merger in August 2023, and if completed, it would have created a USD 10 billion media entity.
