Stock name: Dr. Lal Path Labs Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since March 2023, the stock displayed an upward trend. From September 2023 to February 2024, it stabilized and formed a head and shoulder pattern on the daily chart. The breakout from this pattern occurred on February 27, 2024, with above-average trading volume and a bearish MACD indicator. Following the breakout, the stock has been moving downward, accompanied by low RSI levels. Technical analysis suggests that if the current momentum persists, the stock may continue its downward trajectory.
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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: Justdial Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
Sustaining its upward trend, the stock formed a cup and handle pattern from July 2023 to February 2024. A breakout from this pattern occurred on February 23, 2024, backed by above-average trading volume. Following the breakout, the stock underwent a substantial retest of the breakout level and currently it is still hovering slightly above it. According to technical analysis, a successful rebound from the retest may indicate further upward movement 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:
- Aditya Birla Group has received approval from the National Company Law Tribunal (NCLT) to merge several of its non-banking finance companies (NBFCs) as part of a consolidation plan. The move aims to enhance synergies, optimize resource utilization, and achieve greater economies of scale. The Mumbai bench of the NCLT has recently greenlit the merger of six Birla group entities, including Umang Commercial Company Pvt Ltd and Aditya Birla Online Fashion Pvt Ltd, into Birla Group Holdings Pvt Ltd (BGHPL), a pivotal holding company within the conglomerate.
- In February, TVS Motor Company experienced a robust sales performance, witnessing a 33% YoY increase in wholesales to 368,424 units, compared to 276,150 units in the same period last year. Total two-wheeler sales exhibited a growth of 34%, reaching 357,810 units from 267,026 units in February 2023. Furthermore, the company reported a 16% rise in electric vehicle sales, reaching 17,959 units in February compared to 15,522 units in the corresponding month of the previous year.
- Signature Global has successfully sold 1,008 luxury flats in Gurugram for over Rs 3,600 crore, reflecting strong demand despite price increases. The new housing project, 'DE LUXE-DXP,' received 5,400 Expressions of Interest, with 35% of units booked by Non-Resident Indians and senior corporate executives. The company's sales bookings for the fiscal year are now projected to surpass Rs 7,200 crore, exceeding initial estimates of Rs 4,500 crore.
