Stock name: NMDC Steel Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
The stock has been on an upward trend since its 2023 listing, but from January to August 2024, it consolidated and formed a double top pattern on the weekly chart. In August 2024, the stock broke out from this pattern, but the low trading volume raises doubts about the breakout's strength. The stock is currently moving above the breakout line. Therefore, additional confirmation is needed for both the breakout and potential downward movement. If the stock gains downward momentum, further decline may follow according to technical analysis.
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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: Hindustan Petroleum Corporation Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
Since October 2023, the stock has experienced rapid upward movement. From February to August 2024, it stabilized and formed a cup and handle pattern on the daily chart. On August 21, 2024, the stock broke out from this pattern with slightly above-average trading volume, supported by a bullish MACD indicator. However, the stock is currently facing a retest with a very high RSI level, suggesting the need for further confirmation to assess the breakout's momentum. If the stock continues in the breakout direction, stock may rise according to technical analysis.
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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:
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- In its first full year of operations, Tata Electronics achieved a remarkable ninefold increase in sales, largely driven by the acquisition of Wistron's iPhone assembly plant near Bengaluru. The company's consolidated income surged to ₹3,802 crore in FY24, up from ₹401 crore the previous year. Despite this growth, Tata Electronics reported a net loss of ₹825 crore due to high expenses. The acquisition allowed Tata Electronics to join Apple's global supply chain, making it the only homegrown iPhone assembler in India. However, the net loss widened due to high depreciation and interest costs.
