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.
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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: 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.
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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.
News for the day:
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- 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.
