Stock name: Ramkrishna Forgings Ltd.
Pattern: Head and shoulders pattern and retest
Time frame: Daily
Observation:
The stock rose until June 2024, then stabilized, forming a head and shoulders pattern on its daily chart. It broke out of this pattern on July 18, 2024, moving downward afterward. Currently, the stock is retesting the breakout level, with its RSI still considered high. According to technical analysis, if the stock completes the retest and gains downward momentum, it may further decline.
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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: Syngene International Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
The stock experienced a decline starting in September 2023, then stabilized, forming a double bottom pattern on its daily chart. It broke out of this pattern on July 16, 2024, followed by a slight upward move. Currently, the stock is retesting the breakout level, which has brought the RSI to a favourable zone. According to technical analysis, if the stock rebounds from this retest, it may continue further upward movement.
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:
- Indian banks are increasingly using short-term borrowing through certificates of deposit (CDs) to address a funding gap caused by strong loan growth and slower deposit accumulation. Outstanding CDs reached 4.3 trillion rupees ($51.4 billion) by July 12, the highest since June 2012. Loans grew 17.4% annually through June 28, outpacing 11% deposit growth. Governor Shaktikanta Das warned that this raises banks’ sensitivity to interest-rate changes. Despite raising deposit rates, banks struggle to attract deposits and may face higher net interest margins due to costlier CD funding.
- The Economic Survey 2023-24 states that coal will remain central to India's energy system for the next two decades, with its phase-down reliant on importing critical minerals for clean energy. Emphasizing carbon capture technologies, it advocates coal gasification to cut imports and emissions. Coal fuels 70% of India's electricity and is vital for industries like steel and cement. The survey highlights initiatives like coal gasification, methane extraction, and adopting advanced technologies to lower emissions and improve efficiency.
- Indian Oil Corp plans to triple natural gas sales and expand renewable energy capacity to 31 GW by 2030. The company also aims to build 5 GWh of lithium-ion battery-making capacity by 2031, including a strategic agreement with Japan's Panasonic Energy to explore battery manufacturing opportunities in India.
