Stock name: Reliance Industries Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since October 2023, the stock has seen a consistent upward trend. Between January 2024 and May 2024, it stabilized, forming a double top pattern on its daily chart. A breakout from this pattern occurred on May 07, 2024, backed by higher-than-average trading volume. Presently, the stock's RSI levels are in a low zone. According to technical analysis, sustaining this breakout momentum may lead the stock to move downwards.
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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: Teamlease Services Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Between August 2022 and April 2024, the stock stabilized, shaping a cup and handle pattern on its weekly chart. A breakout occurred in April 2024, accompanied by above-average trading volume and a bullish MACD indicator. However, the stock retraced to retest breakout levels, closing slightly below. Presently, the stock's RSI levels indicate a favorable zone. According to technical analysis, if the stock rebounds from the retest, it could continue its upward trajectory.
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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:
- Tata Motors plans to merge its NBFC arms with Tata Capital ahead of the latter's IPO, aiming to streamline operations and reduce debt. This strategic move, advised by Bank of America, aligns with RBI requirements for NBFCs. Tata Motors seeks to unlock value through the IPO by monetizing its shares in Tata Capital.
- IREDA, a state-owned entity under MNRE, has established a subsidiary named IREDA Global Green Energy Finance IFSC Limited at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. This move aims to enhance IREDA's global reach and secure competitive funding for renewable energy projects. Pradip Kumar Das, Chairman & Managing Director of IREDA, anticipates that this venture will unlock fresh business opportunities and establish a global presence for IREDA in the renewable energy sector.
- Asian Paints foresees increased rural market demand in Q1 of the fiscal year, with B2B growth expected in Q2 post-elections. However, challenges in Nepal and Egypt may affect near-term performance. Q4 earnings showed a slight rise in net profit, surpassing Rs 35,000 crore in revenue for FY2024, with resilient international business despite regional macroeconomic headwinds.
