Stock name: Suven Pharmaceuticals Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
Since October 2022, the stock has shown consistent upward movement. Between November 2023 and March 2024, it stabilized, forming a double top pattern on the weekly chart. March 2024 witnessed a breakout from this pattern. Presently, the stock is retesting the breakout levels. With the RSI below 50, technical analysis suggests that further downward movement may occur if momentum aligns with the breakout direction.
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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: Jamna Auto Industries Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Following the market's recovery post-COVID, the stock witnessed a significant upward surge. Between July 2022 and February 2024, it consolidated, shaping a cup and handle pattern on the weekly chart. Towards the end of February 2024, a notable breakout from this pattern occurred, accompanied by substantial trading volume. Although the stock initially rose post-breakout, it has immediately seen a retest. Presently, in the current week, signs indicate a rebound from this retest. According to technical analysis, a momentum surge from this rebound may drive the stock 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:
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- The New India Assurance Company, National Insurance Company, United Insurance, and ICICI Lombard have collectively extended a significant portion of a ₹10,000-crore insurance cover for the Indian Premier League (IPL), the world's wealthiest cricket tournament. Premiums have risen by 25% due to a calendar clash with general elections, with broadcasters and team owners being the primary policyholders.
