Stock name: Mahindra Holidays & Resorts India Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Initially, the stock exhibited an upward trend. Nevertheless, it consolidated, forming a double top pattern on the daily chart from January to March 2024. A breakout from this pattern occurred on March 12, 2024, accompanied by average trading volume. Presently, the stock's Relative Strength Index (RSI) indicates low levels. According to technical analysis, continued momentum from the breakout may potentially drive the stock further downward.
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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: KSB Ltd.
Pattern: Head and shoulder pattern
Time frame: Daily
Observation:
Overall trend of the stock has remained in the upward direction. Between January-March 2024 period, the stock's trajectory has stabilized and notably exhibited a head and shoulders pattern on its daily chart. On March 11, 2024, the stock successfully broke out from this pattern, accompanied by higher than usual trading volume. Subsequently, it has been descending, along with a decrease in the Relative Strength Index (RSI). Given this trend, technical analysis suggests that the stock may further decline if current momentum persists.
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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:
- SEBI seeks explanation from rating agencies for their delay in responding to RBI's restrictions on IIFL Finance and JM Finance Product. Despite the bans on new gold loans and business activities, rating agencies took no action until March 11. SEBI demands a written explanation by Wednesday, expressing dissatisfaction with the agencies' inaction.
- Nykaa-KK Beauty, a joint venture involving Bollywood actress Katrina Kaif, Nykaa, and Matrix India Entertainment, is set to intensify its international expansion efforts, focusing notably on the Gulf region. Kaif revealed plans for an extensive rollout over the next year, following their recent launch in Dubai. Additionally, the company aims to bolster its offline presence in India as part of its growth strategy, leveraging the remarkable sales growth witnessed through retail outlets.
- Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), has achieved a milestone by completing India's largest Solar and Battery Energy Storage Systems (BESS) project in Rajnandgaon, Chhattisgarh. The project includes a 100 MW Solar PV Project along with a 120 MWh Utility Scale Battery Energy Storage System (BESS). TPSSL secured this significant Rs 945 crore project from SECI in December 2021, managing all aspects from engineering to construction and commissioning.
