Stock name: Indigo Paints Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
From March 2023, the stock witnessed substantial upward momentum, stabilizing from August 2023 and forming a double top pattern on its daily chart. On March 12, 2024, the stock broke out from this pattern with average trading volume, subsequently trending downward. Presently, the stock's RSI levels indicate oversold conditions, suggesting potential upward movement. However, technical analysis suggests that if the breakout momentum persists, the stock may continue its downward trajectory.
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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: Go Fashion (India) Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
Since September 2023, the stock has trended downwards but stabilized between January 2024 and March 2024. Notably, a double bottom pattern emerged on its daily chart during this phase. The stock has seen a breakout on March 28, 2024, supported by slightly above average trading volume. Presently, the stock's RSI is at a high level which may lead to retest of the breakout level. According to technical analysis, sustained momentum may propel the stock further upward.
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:
- Panasonic and Indian Oil Corporation will form a joint venture to produce cylindrical lithium-ion batteries in India, catering to the growing demand in consumer electronics and electric vehicles. The collaboration aims to support India's transition to clean energy and aligns with IOCL's goal of achieving net-zero carbon emissions by 2046.
- HDFC Bank plans to sell its subsidiary, HDFC Education and Development Services Private Ltd, with a 100% stake divestment. The sale will utilize the Swiss challenge method, where an interested party's bid sets the benchmark for counter offers. HDFC Bank aims to finalize the purchaser through this process, followed by definitive documentation. HDFC Education currently serves three schools and offers various education services.
- NTPC, India's largest power utility, has permanently shut down its Barauni Thermal Power Station Stage-I, comprising two units of 110 MW each, as of March 31, 2024. Established in 1975, NTPC aims to reach a capacity of 130 GW by 2032. The Barauni Thermal Power Station, located in Bihar, was acquired by NTPC in 2018 and consists of Stage-I and Stage-II. Stage-II was dedicated to the nation in November 2021, featuring two units of 250 MW each.
