Stock name: Mahanagar Gas Ltd.
Pattern: Resistance breakout
Time frame: Monthly
Observation:
For an extended duration, the stock has fluctuated within the range of Rs. 720 to Rs. 1200, establishing a parallel channel from 2016 to 2024 on its monthly chart. However, a noteworthy development occurred in January 2024 when the stock decisively broke out from the resistance of this parallel channel. This breakout was accompanied by trading volume surpassing the average. According to technical analysis, should the stock sustain its newfound momentum, then it may see further upward movement.
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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: AU Small Finance Bank Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
While exhibiting a general upward trajectory, the stock temporarily stabilized from April 2023 to January 2024, forming a double top pattern on its weekly chart. Towards the end of January 2024, the stock experienced a breakout from this pattern, accompanied by substantial trading volume. Additionally, the stock's RSI is at lower levels, and the MACD indicator has signaled a negative trend. Based on technical analysis, if the stock continues with the prevailing momentum it may see continuation of downward movement.
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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.
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- Adani Total Gas and INOXCVA have partnered to bolster the LNG ecosystem in India, focusing on enhancing distribution and supply infrastructure. This collaboration aims to promote the use of LNG as a cleaner and sustainable energy source, contributing to the growth of India's energy sector.
