Stock name: IndusInd Bank Ltd.
Pattern: Support breakdown (Parallel channel)
Time frame: Daily
Observation:
The stock has been in a downward trend since January 2024, moving within a parallel channel on its daily chart until October. However, it broke down from this channel on October 22, followed by a significant gap down and high-volume selling. Now at a critical support level, technical analysis suggests that if the current momentum persists, the stock may decline further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator. Top of FormBottom of FormBottom of Form
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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: Kajaria Ceramics Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since March 2024, the stock has been trending upward, but it formed a double top pattern on its daily chart between June and October. On October 22, 2024, it broke down from this pattern, leading to a downward trend. If the current momentum holds, technical analysis suggests the stock may experience further decline. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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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.
