Stock name: Hindustan Petroleum Corporation Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock experienced a rapid upward movement starting in October 2023 but has stabilized in 2024. From April to June 2024, it formed a head and shoulders pattern on the daily chart, nearing a breakout point but not yet breaking out. Currently, the breakout line acts as support, preventing further downward movement. However, the RSI is low. Technical analysis indicates that if the stock breaks down from the trend line, 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: IDFC First Bank Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
The stock has experienced significant downward movement since September 2023. From January to June 2024, it formed a double bottom pattern on the daily chart but it has not registered a breakout yet. The stock is now approaching the breakout line but the breakout line currently may act as resistance unless breached with strong momentum. The RSI level is currently favourable. According to technical analysis, if the stock breaks out from the pattern, it may move in the upward direction.
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 aims to capture 18-20% of the Indian passenger vehicle market by 2030, projecting the market to reach 60 lakh units annually. The company plans to expand its product lineup in both conventional and electric vehicles (EVs), aligning with upcoming CAFE III norms starting in 2027. These regulations will drive a shift towards EVs and CNG vehicles. Tata Motors' current market share in the domestic PV segment is 13.9%. The company also announced significant investments in new models, targeting the mid-SUV segment, and plans to invest Rs 16,000-18,000 crore in EVs over the next five to six years.
- Bajaj Auto has inaugurated its first overseas manufacturing facility in Manaus, Brazil. This plant will produce Dominar models and aims to strengthen Bajaj's presence in the growing Latin American two-wheeler market. Partnering with KTM AG and Triumph, the facility spans 9600 square meters and includes engine assembly, vehicle assembly, and testing capabilities. This marks a strategic shift from Bajaj's traditional distribution-led model in international markets.
- Hitachi Energy India has secured a Rs 790 crore order from Hitachi Energy Australia for the Marinus Link HVDC project, a significant Australian national energy initiative. The project will be executed over four years, with key equipment delivered from India. The Marinus Link is crucial for Australia's energy infrastructure, and Hitachi Energy's involvement underscores its importance in supporting the country's energy ecosystem.
