Stock name: Piramal Enterprises Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock had been in a downward trend but stabilized between December 2023 and July 2024, forming a double bottom pattern on its weekly chart. In July 2024, it registered a breakout from this pattern, supported by average trading volume. Although there was some upward movement post-breakout, the stock experienced a significant retest. Currently, it has rebounded from the retest with a strong RSI. According to technical analysis, if the stock can sustain its rebound momentum, it may continue to move 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: BLS International Services Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
The stock has demonstrated an upward trend, forming a cup and handle pattern on its daily chart from February 2024 to August 2024. On August 6, 2024, it registered a breakout with significant trading volume, supported by a bullish MACD indicator. However, after the breakout, the stock experienced a retest and briefly closed below the breakout line. Currently, it has rebounded from the retest and is moving upward again. According to technical analysis, if the stock maintains its current momentum, it may see further gains.
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:
- RBI Governor Shaktikanta Das announced that the Unified Lending Interface (ULI), a new platform for frictionless credit, is in its pilot stage and will be launched nationwide soon. The ULI aims to speed up the credit process, especially for rural borrowers, by streamlining digital information flow. Das shared this update at the Global Conference on Digital Public Infrastructure in Bangalore, while also cautioning financial institutions about the risks of Artificial Intelligence.
- Tata Sons, the holding company of the $410-billion Tata Group, has repaid over ₹20,000 crore in debt, allowing it to remain a private, unlisted company. This move comes after the RBI classified Tata Sons as an NBFC-Upper Layer (NBFC-UL) in 2022, which would have required it to list its shares within three years. By reducing its debt significantly, Tata Sons has avoided this requirement and has offered to surrender its certificate of registration to the RBI.
- Jio Financial Services Ltd has received approval from the Department of Economic Affairs to raise its foreign investment limit to 49% of its equity share capital. Currently, foreign investors hold 17.55% of the company's shares. Despite a 6% decline in net profit in the first quarter ending June, Jio Financial has recently introduced new services like mutual fund loans and auto insurance. The company, a non-banking arm of Reliance Industries Ltd, was demerged in July 2023.
