Stock name: ICICI Securities Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock experienced a sharp decline in March 2024 but later stabilized, forming a double bottom pattern on its daily chart. It broke out from this pattern on June 26, 2024. Following the breakout, there was some upward movement, though the stock has since undergone a retest. Currently, its RSI is above 50. According to technical analysis, a strong bounce back might drive further upward movement.
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: Page Industries Ltd.
Pattern: Inverse head and shoulders pattern
Time frame: Daily
Observation:
The stock has been declining since October 2022. Between October 2023 and July 2024, it formed an inverse head and shoulders pattern on its daily chart. A confirmed breakout from this pattern occurred on July 23, 2024, supported by a positive MACD indicator. Currently, the RSI level is high. Technical analysis suggests that if the stock sustains its current momentum, it could see further upward movement.
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:
- Infosys shares dropped 1% following news of an investigation by the Directorate General of GST Intelligence into an alleged Rs 32,000 crore GST evasion. The stock hit a low of Rs 1,845.40 on BSE. Infosys clarified that GST should not apply to services provided by overseas branches and asserted compliance with all GST obligations. The company addressed the matter through a filing to the exchanges.
- India's electric two-wheeler makers are preparing for a future without government subsidies amid uncertainty about their inclusion in the FAME III scheme. Executives stress the potential impact on demand and consumer adoption but are focusing on improving product quality. Despite reduced subsidies and falling sales, market penetration is expected to double by FY26. The government extended the Electric Mobility Promotion Scheme (EMPS) by two months. Commerce Minister Piyush Goyal stated that electric two-wheelers can compete without subsidies.
- India reduced the windfall tax on domestically produced petroleum crude to Rs 4,600 per tonne from Rs 7,000 per tonne due to lower crude prices. Export duties on petrol, diesel, and aviation turbine fuel remain nil. The new rates took effect on August 1, as announced by the CBIC. This tax, imposed in July 2022, is revised fortnightly and aims to curb refiners from selling fuel overseas to benefit from high margins.
