Stock name: Rossari Biotech Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
Since March 2023, the stock exhibited a significant upward trajectory. However, from May 2023 to March 2024, it formed a double top pattern on its weekly chart. March 2024 witnessed a breakout, backed by average trading volume. Presently, the stock's RSI indicates a low level. According to technical analysis, if the breakout momentum persists, the stock may experience 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: Max Healthcare Institute Ltd.
Pattern: Head and shoulder pattern
Time frame: Daily
Observation:
Since its listing on the NSE board, the stock has shown upward trends. From January 2024 to March 2024, a head and shoulder pattern materialized on the daily chart. On March 14, 2024, the stock broke out of this pattern. Subsequently, it has been descending. Presently, the stock's RSI indicates a low level. As per technical analysis if this trend continues, the stock might undergo further decline.
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:
- Tata Sons sold over 2 crore TCS shares in a block deal, valued at around Rs 9,000 crore. This has caused the stock price decline to decline by around 3%. This move, speculated to ease debt and potentially avert a Tata Sons IPO, reduced their stake from 72.38%. The deal, managed by JP Morgan and Citigroup, involved offering approximately 2.02 crore TCS shares at a floor price of Rs 4,001 each, marking a 3.65% discount to the previous day's closing price.
- Aditya Birla Capital plans to sell a 5% stake in Aditya Birla Sun Life AMC through an Offer for Sale (OFS) to meet minimum public shareholding norms. This move involves selling about 1.43 crore shares via the stock exchange. Aditya Birla Sun Life AMC, majority-owned by promoters, manages investments and offers various services with a total AUM of ₹3.24 lakh crore as of December 31, 2023.
- The Supreme Court has summoned Baba Ramdev personally for failing to respond to a contempt notice regarding misleading Patanjali Ayurved advertisements. Ramdev and Acharya Balkrishna may have violated drug regulations. Previously, the court criticized Patanjali, restraining it from advertising medicinal products and warning against making medical claims in the media.
