Stock name: PVR INOX Ltd.
Pattern: Head and shoulders pattern
Time frame: Weekly
Observation:
The stock's overall trajectory has been positive. It has stabilised between the period from May 2021 to February 2024. During this period, a head and shoulder pattern emerged on the weekly chart, followed by a breakout in February 2024. This breakout was supported by slightly above average trading volume. Post-breakout, the stock is now trending downward. Technical analysis suggests that if the momentum from the breakout is sustained, then the stock may see further downward movement.
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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: Ingersoll Rand (India) Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
The stock is currently on an upward trajectory. It has formed a cup and handle pattern on its daily chart between August 2023 and February 2024. A significant breakout from this pattern occurred on February 16, 2024, accompanied by substantial trading volume. The stock is presently aligning with the direction established by the breakout. Technical analysis indicates that if the stock can sustain this breakout momentum, then it may see further upward movement in its value.
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:
- Adani Group is in advanced talks to raise $2.6 billion for infrastructure and green projects, considering a stake reduction in airport and green hydrogen units. The conglomerate, recently resilient after overcoming challenges, aims for an Ebitda of Rs 80,000 crore this fiscal year and has attracted investments from GQG Partners, QIA, and TotalEnergies.
- Mahindra & Mahindra has signed a supply agreement with Volkswagen Group for components to boost its INGLO electric platform, incorporating electric elements from Volkswagen's MEB and unified cells. The deal spans several years with a total volume of approximately 50 GWh. Mahindra plans to launch five all-electric SUVs in India through INGLO starting December 2024.
- Tata Power is set to acquire the Jalpura Khurja Power Transmission project for Rs 838 crore, following a letter of intent from REC Power Development and Consultancy. The project's special purpose vehicle will be developed on a build-own-operate-transfer basis, offering transmission services for 35 years from the scheduled date of commercial operation.
