Stock name: PVR INOX Ltd.
Pattern: Double bottom pattern retest
Time frame: Daily
Observation:
Since August 2023, the stock has been declining but recently stabilized, forming a double bottom pattern on its daily chart. On June 21, 2024, the stock broke out from this pattern with significant trading volume. After the breakout, the stock moved upwards but is now retesting the breakout level. The RSI remains favourable. According to technical analysis, if the stock can rebound with strong 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: Welspun Living Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
From October 2021 to July 2024, the stock has formed a cup and handle pattern on its weekly chart. It is currently facing resistance at the breakout line of the pattern. However, a positive MACD signal has just been registered, and the RSI level is in the favourable zone. According to technical analysis, if the stock can break out from the pattern with strong momentum, it may move 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.
News for the day:
- S tate-owned ONGC will invest Rs 2 lakh crore to achieve net-zero carbon emissions by 2038. The funds will focus on renewable energy projects, green hydrogen plants, and eliminating gas flaring. By 2030, ONGC will allocate Rs 97,000 crore for 5 GW of renewable energy, with further investments planned through 2038. The company aims to offset 9 million tonnes of carbon emissions while boosting hydrocarbon production.
- Larsen & Toubro (L&T) has secured a significant order from Hindustan Shipyard Ltd, valued between Rs 1,000 crore and Rs 2,500 crore, for the construction of part of two Fleet Support Ships (FSS) for the Indian Navy. These ships, essential for logistical support, will be built at L&T's advanced shipyard in Kattupalli, near Chennai. The order is part of a contract signed last year for five FSS, which are among the largest vessels in the Indian Naval fleet.
- Indian Railways plans to manufacture 10,000 non-AC coaches over the next two fiscal years, increasing their count by 22%. This initiative aims to enhance passenger facilities, with specific targets for general coaches, sleeper coaches, SLR coaches, parcel vans, and pantry cars in each fiscal year.
