Stock name: MphasiS Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Since October 2021, the stock experienced a decline, but between June 2022 and December 2023, it stabilized and exhibited a cup and handle pattern on the weekly chart. In December 2023, there was a breakout, supported by substantial trading volume and a positive MACD indicator. Although the stock showed a modest upward movement post-breakout, it is currently undergoing a retest. The RSI has cooled down to a favourable level. According to technical analysis, a successful rebound from the retest may propel the stock further upward.
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.
Stock name: Motilal Oswal Financial Services Ltd.
Pattern: Rounding bottom pattern
Time frame: Monthly
Observation:
Since January 2018, the stock has been on a decline, but it began recovering from March 2023. In January 2024, it reached its January 2018 level. Over the period from January 2018 to January 2024, the stock formed a rounding bottom pattern on the monthly chart, breaking out in January 2024 with significant trading volume. However, the rapid upward movement has placed the stock's RSI in the overbought zone, suggesting a potential retest of the breakout level. According to technical analysis, if the stock can sustain its current momentum, further upward movement may be expected.
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:
- JK Cement has successfully completed the acquisition of Toshali Cement in Odisha, India. The acquisition marks a strategic move by JK Cement in the industrial goods sector, specifically in the cement industry. The completion of this acquisition further strengthens JK Cement's market presence and may contribute to its expansion plans.
- ITC is reportedly considering the acquisition of a 47% stake in Prataap Snacks, the maker of popular snack brand 'Yellow Diamond.' Private equity funds are also said to be exploring opportunities to invest in Prataap Snacks. If successful, this move could lead to significant changes in the competitive landscape of the Indian snack food sector. Prataap Snacks has established itself as a key player, and an investment from ITC could enhance its growth prospects.
- SpiceJet has bolstered its financial position by raising an additional Rs 316 crore through fundraising. This move is part of the airline's ongoing efforts to strengthen its financial resilience. SpiceJet has faced challenges in the aviation industry, and the latest fundraising is expected to provide the company with much-needed liquidity. The successful fundraising may contribute to the airline's operational stability and strategic initiatives in the competitive aviation sector.
