Stock name: HCL Technologies Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
Since September 2022, the stock has seen significant upward movement. However, from December 2023 to April 2024, it stabilized and formed a head and shoulders pattern on its daily chart. On April 29, 2024, the stock experienced a gap-down breakout from this pattern, supported by high trading volume, and subsequently moved downward. Recently, it has been retesting the breakout level. According to technical analysis, if the stock completes the retest and resumes its downward trend, it may continue to decline.
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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: Avanti Feeds Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
The stock has been declining since November 2017, but stabilized and moved sideways from February 2022 to June 2024. During this period, it formed a cup and handle pattern on its weekly chart. At the start of June 2024, the stock broke out from this pattern, supported by high trading volume and a bullish MACD indicator. The RSI level is also favourable. According to technical analysis, if the stock maintains this breakout momentum, 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:
- Tata Motors has announced the launch timeline for its new electric vehicles. The Curvv.ev, Harrier.ev, and Sierra.ev models are set to be introduced in the current financial year, FY25. The Tata Avinya, which was first showcased as a concept at the 2022 auto show, is scheduled for release in FY26. This ambitious plan highlights Tata Motors' commitment to expanding its electric vehicle lineup.
- Sebi has announced the hiring of 49 Officer Grade A (Assistant Manager) positions across various departments to strengthen its regulatory functions. Applications are open until June 30 for roles in general, legal, IT, engineering (electrical), research, and official language streams. This recruitment follows Sebi's previous efforts to increase its workforce, including inviting applications for 97 senior-level posts in March and other large recruitment drives in recent years. The selection process will commence on July 27.
- Shriram Life Insurance has declared a bonus of ₹201 crore for FY24, a 35% increase from the previous year. This bonus will benefit 3.86 lakh policyholders. The rise in premium income, driven by new partners, technology upgrades, and focused sales, contributed to this growth. As of March 31, 2024, Shriram Life sold approximately 4.47 lakh policies and increased its Assets Under Management (AUM) by 25% to ₹11,282 crore. This milestone reflects the company's commitment to supporting customers' financial goals.
