Stock name: Jubilant Foodworks Ltd.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
Since October 2021, the stock has been in a downward trend. From November 2022 to July 2024, it formed a double bottom pattern on its weekly chart. This week, the stock registered a breakout from the pattern. If today's trading session ends with the weekly candle closing above the breakout line, it will be crucial. However, the RSI level is currently in the overbought zone. Technical analysis indicates that if the breakout gains momentum, the stock could move further upwards.
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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: Shyam Metalics and Energy Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
Since March 2023, the stock has surged significantly. From February to July 2024, it stabilized, forming a cup and handle pattern on its daily chart. A breakout occurred on July 31, 2024, supported by high trading volume and a positive MACD indicator. However, the stock has faced retest immediately so additional confirmation is required to check if the pattern is complete. Despite a retest of the breakout, the stock's RSI level remains favourable. Technical analysis suggests that if the stock rebounds from the retest, it may rise further.
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:
- IRDAI has fined HDFC Life Rs 2 crore for regulatory violations during 2017-2020. The penalties include Rs 1 crore for issues affecting policyholders' interests and Rs 1 crore for outsourcing irregularities. Following an inspection in September 2020, IRDAI also issued directives for HDFC Life to ensure regulatory compliance within a specified timeframe.
- Tata Motors' CFO stated that Jaguar Land Rover (JLR) currently has no plans to utilize India's new EV policy, which offers import duty concessions for manufacturers. The policy is deemed unsuitable for JLR at this time, though the company is considering CKD manufacturing options. Announced in March, the policy aims to attract global EV manufacturers to India. JLR is focusing on localizing production for models like the Range Rover. The new EV policy requires significant investment and operational commitments within three years.
- Zomato shares jumped 10% to Rs 257.95 after reporting a PAT of Rs 253 crore for the June quarter, up from Rs 2 crore last year. Revenue grew 74% year-on-year to Rs 4,206 crore. Brokerages like CLSA raised their target price to Rs 350, with others like Motilal Oswal, Nomura, Bernstein, UBS, and Nuvama also increasing their targets, citing strong growth in food delivery and quick commerce.
