Technical Analysis of INDUSTOWER & MMTC

Stock name: Indus Towers Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

Since April 2023, the stock has experienced an upward trend. Between January and February 2024, a head and shoulder pattern emerged on its daily chart. The pattern witnessed a breakout on February 12, 2024, leading to an initial downward movement. Presently, the stock is undergoing a retest of the breakout levels. The Relative Strength Index (RSI) is currently below 50. According to technical analysis, the stock may see further downward movement if it regains the breakout momentum.

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.

Stock name: MMTC Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since its listing in 2010, the stock underwent a substantial downward trend. From July 2014 to January 2024, it stabilized and formed a rounding bottom pattern. In January 2024, the stock surpassed its July 2014 levels, marking a breakout from the rounding bottom pattern with robust trading volume. Following the breakout, the stock is currently on an upward trajectory. According to technical analysis, sustaining the breakout level may lead to a continued upward trend for the stock.

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:

  • Hyundai is planning an initial public offering (IPO) in India as part of its expansion strategy and aims for a higher valuation. The South Korean automaker intends to raise capital through this IPO and further strengthen its presence in the Indian market.

  • The Insurance Regulatory and Development Authority of India (IRDAI) is proposing key reforms in the insurance sector. They suggest extending the free-look period from 15 to 30 days, offering policyholders a longer duration for policy review. Additionally, IRDAI aims to establish an online marketplace called "Bima Sugam" to enhance digital accessibility within the insurance industry. These initiatives underscore IRDAI's commitment to consumer protection and the promotion of digital advancements in insurance.

  • Indian authorities, including the Enforcement Directorate (ED), are reportedly issuing notices and requests to Paytm for customer information. The move is part of ongoing efforts to scrutinize financial transactions and ensure compliance with regulations. The ED's actions indicate a focus on obtaining crucial data from Paytm to aid in investigations and maintain financial transparency.
आपली टिप्पणी द्या