Technical Analysis of KPITTECH & BALAMINES

Technical Analysis of KPITTECH  & BALAMINES

Stock name: KPIT Technologies Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Between March and June 2024, the stock formed a double bottom pattern on its daily chart. On June 21, 2024, it registered a gap-up breakout from this pattern. The breakout was supported with substantial trading volume. The stock's RSI is currently in a favourable zone. According to technical analysis, if the breakout momentum continues, the stock may 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: Balaji Amines Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

The stock has been declining since January 2024. Between March and June 2024, it stabilized and formed a double bottom pattern on the daily chart. On June 20, 2024, the stock broke out from this pattern with significant trading volume. Currently, it is retesting the breakout with a high RSI level. According to technical analysis, a successful rebound from this retest may signal 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:

  • After investing nearly USD 1.2 billion over seven years with limited success, ONGC is seeking partners to salvage the Deen Dayal gas field in the KG basin. On June 12, ONGC invited international oil and gas firms with technical expertise and financial strength to express interest in partnering for the field's development. Since acquiring an 80% stake in the field in 2017 from GSPC, the field has produced negligible gas, facing technical challenges and sub-optimal performance from its seven development wells. ONGC aims to revise the field development plan and bids are due by September 12.

  • Rail Vikas Nigam Limited (RVNL) has secured a Rs 191.53 crore contract from South Eastern Railway for a 132 KV traction substation project on the Raj Khaswan-Nayagarh-Bol section. The project aims to meet a 3000MT loading target within 18 months. RVNL, a PSU under the Ministry of Railways was incorporated in 2003 and received 'Navratna' status last year.

  • The National Company Law Tribunal (NCLT) has permitted ZEE Entertainment Enterprises Limited (ZEEL) to withdraw its implementation application regarding its merger with Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment. ZEEL sought to withdraw the application after Culver Max and Bangla Entertainment terminated the merger agreement on January 22, citing an alleged breach of the merger cooperation agreement.
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