Technical Analysis of GODREJCP & PPLPHARMA

Technical Analysis of GODREJCP & PPLPHARMA

Stock name: Godrej Consumer Products Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

The stock's overall trend has been positive, forming a cup and handle pattern on its weekly chart from August 2021 to May 2024. It broke out of this pattern in May 2024, supported by high trading volume and a bullish MACD indicator. The stock is currently retesting this breakout, but RSI levels remain favourable. According to technical analysis, if the stock rebounds from this retest, it might continue to rise.

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.

Stock name: Piramal Pharma Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Since its listing, the stock has trended downward but later consolidated into a cup and handle pattern on its weekly chart. Towards the end of April 2024, it broke out of this pattern with above-average trading volume and a bullish MACD indicator. Currently, the stock is retesting this breakout, but the RSI level remains favourable. According to technical analysis, if the stock rebounds from this retest, it may continue to move upwards.

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:

  • Nestle India shareholders have rejected the proposal to increase royalty payments to the Swiss parent company, Nestle SA. The resolution, which aimed to raise the royalty by 0.15% of sales annually over five years, failed to pass. In a stock exchange filing on Friday, Nestle India reported that 57% of shareholders voted against the plan. This decision reflects significant shareholder opposition to the proposed increase in royalty payouts.

  • The Reserve Bank of India has approved Pradeep Natarajan's appointment as Whole Time Director on the Board of IDFC FIRST Bank for three years. This appointment is pending shareholder approval. IDFC FIRST Bank reported a net profit of Rs 724 crore for Q4 March 2024, along with reductions in gross and net Non-Performing Assets to 1.88% and 0.60%, respectively. The bank will complete the necessary formalities for Natarajan's appointment.

  • Adani Energy Solutions, through its wholly owned subsidiary Adani Transmission Step Two Ltd (ATSTL), has acquired Essar Transco for ₹1,900 crore. With this acquisition, Essar Transco becomes a wholly owned subsidiary of ATSTL and a step-down subsidiary of Adani Energy. This move aligns with Adani Energy's growth strategy, expanding its network to 21,182 ckt km, including 18,109 ckt km operational and 3,073 ckt km under execution. The acquisition is expected to optimize operation and maintenance costs and enhance resource sharing.
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