Stock name: Nuvoco Vistas Corporation Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock declined starting in December 2023. From February to June 2024, it stabilized and formed a double bottom pattern on its daily chart. On June 14, 2024, it broke out with massive trading volume but has since faced a retest rebound and is currently in a second retest. The RSI level remains favourable. According to technical analysis, if the stock rebounds with strong momentum, it may move further upwards.
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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: MMTC Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
From February to July 2024, the stock formed a cup and handle pattern on its daily chart. On July 3, 2024, it broke out from this pattern. The breakout was supported by huge trading volume and a positive MACD indicator. The RSI level is also currently in the favourable zone. According to technical analysis, if the breakout momentum is sustained, the stock may continue to rise.
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:
- UPI payments will now be available in the UAE through a partnership between NPCI International and Network International, enhancing payment experiences for Indian travellers and NRIs. This initiative demonstrates the growing global acceptance of UPI, with seamless and secure transactions facilitated via QR code-based payments at Network’s POS terminals. The UAE expects 5.29 million Indian tourists in 2024, reflecting the increasing demand for convenient digital payment solutions. NPCI's efforts for global UPI acceptance have already extended to countries like Nepal, Sri Lanka, Mauritius, Singapore, France, and Bhutan.
- Kumar Mangalam Birla's UltraTech is in advanced talks to acquire Orient Cement from CK Birla, aiming to bolster its presence in southern and western India. This move comes after Adani Cement's negotiations with CK Birla stalled over valuation and mining clearances. Orient Cement's stock has surged 45% in the past month amid acquisition speculation. UltraTech's offer is between Rs 350-375 per share, reflecting an enterprise value of Rs 7,300-7,800 crore. The acquisition would support UltraTech’s goal to reach a 200 MTPA capacity by 2027. A formal announcement is expected around Orient Cement's earnings release on July 19.
- Banks are facing challenges with Trai's new regulation requiring digital consent for commercial communications and have sought government clarity on whether this includes sharing transaction details under RBI guidelines. This move aims to combat cyber fraud. Banks also request special prefixes for customer calls, following a finance ministry directive. Existing consents will be voided, and new digital consents must be obtained. The DoT has allocated a 10-digit numbering series to help identify service calls and reduce cybercrime.
