Stock name: Mahindra Lifespace Developers Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
The stock has maintained an overall upward trend, showcasing a cup and handle pattern on its weekly chart from September 2022 to February 2024. February 2024 witnessed a noteworthy breakout from this pattern, supported by an above-average trading volume. Following the breakout, the stock underwent a substantial retest, dipping below its breakout level. Presently, the stock's RSI has cooled down to a favourable level. According to technical analysis, a successful rebound from the retest with adequate momentum may drive the stock to continue its upward 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: NCC Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Between January 2008 and February 2024, a rounding bottom pattern emerged on the stock's monthly chart. February 2024 marked a significant breakthrough from this pattern, backed by a higher-than-average trading volume. Presently, the stock's RSI levels indicate it is deeply in the overbought zone, suggesting a potential price retest. According to technical analysis, sustaining the breakout momentum may propel the stock to continue its upward trajectory.
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:
- The Adani Group plans to invest ₹60,000 crore in its airport business over the next decade, excluding the ₹18,000 crore already invested in the Navi Mumbai airport's first phase. The focus is on enhancing infrastructure, including runways, terminals, and city-side amenities. The investment will be funded internally, aiming to transform the airports into major international hubs. Once profitable, the group intends to list the airport business. The goal is to cater to 250-300 million passengers by 2040, up from the current 73 million across seven operational airports.
- Tata Chemicals shares plunged 10% as Tata Group's decision to avoid Tata Sons IPO dampened market enthusiasm. Tata Investment Corporation also saw a 5% decline after a recent 28% surge. Tata Chemicals, once a potential beneficiary of Tata Sons' listing, is now in the F&O ban list. Other Tata group stocks, including Tata Consumer, Tata Steel, Tata Motors, and Indian Hotels, also faced cuts amid the overall market downturn.
- HDFC Bank is gearing up for the IPO of its subsidiary (NBFC arm), HDB Financial Services, set to be one of the major public issues in 2024. The IPO, the first from the HDFC Group post the HDFC Bank and HDFC merger, is anticipated in late 2024 or early 2025. HDFC Bank has reached out to top investment banks for the process.
