Stock name: Graphite India Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since March 2023, the stock has experienced an upward trend. However, a head and shoulders pattern has formed on the daily chart between January and July 2024. Currently the stock has yet to breakout from the pattern and therefore, the breakout line from this pattern could serve as support. The stock's RSI is currently very low. According to technical analysis, if the stock falls below the breakout line, it 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: MphasiS Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
The stock has formed a cup and handle pattern on its weekly chart from April 2022 to July 2024. Currently, it is positioned above the breakout line on the last day of the weekly candle. A recent bullish MACD indicator and a favourable RSI level support its potential. If the stock closes above the breakout line this week, technical analysis suggests it may 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.
News for the day:
- HDFC Bank's merger with HDFC Limited has brought significant benefits, says Chairman Atanu Chakraborty. The integration has expanded home loan offerings and strengthened risk management. Both HDFC Bank and the Indian economy showed resilience amid global uncertainties, with India's GDP growing 8.2% last year and projected at 7.2% this year. The merger leverages the combined strengths of both entities, enhancing customer services and business operations.
- Bharti Airtel has secured a multi-year contract with the Central Board of Direct Taxes (CBDT) to be the network and connectivity partner for the income tax department. The partnership includes dual connectivity using Software Defined Networks for WAN, Secure LAN, and other solutions under the Taxnet-2.0 program, aiming to modernize tax systems. Financial details were not disclosed. The contract was formalized at a signing event attended by Airtel Chairman Sunil Mittal and CBDT Chairman Ravi Agarwal.
- UK-based Vedanta Resources, parent company of India's Vedanta, has paid $245.75 million to revive operations at Zambia's Konkola Copper Mines (KCM). This payment is part of a deal to regain control of the mines, which were seized by the Zambian government in 2019 due to alleged underinvestment. Vedanta regained control in November 2023 after a five-year legal battle. The company plans to raise an additional $1 billion to fully revive KCM's operations and develop the Konkola deep mining project. The Zambian government retains a 20% stake in KCM.
