Stock name: Syrma SGS Technology Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
Experiencing a swift rise post-April 2023, the stock later underwent consolidation, forming a double top pattern from August 2023 to February 2024. A breakout occurred on February 12, 2024, but the stock is currently undergoing a retest of this breakout. The Relative Strength Index (RSI) is notably low. Technical analysis suggests that if the breakout momentum persists, the stock may continue its downward 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.
Stock name: Dr. Reddy's Laboratories Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Observation:
The stock has maintained an upward trajectory overall. Between June 2021 and January 2024, a cup and handle pattern emerged on the weekly chart. Towards the end of January 2024, the stock experienced a breakout from this pattern. This breakout was supported by above-average trading volume and a bullish signal from the MACD indicator. Following the breakout, the stock has been moving upwards. Technical analysis suggests that if the current momentum persists, the stock may continue its upward trend.
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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:
- Reliance Industries is now the first Indian stock to surpass a market cap of Rs 20 lakh crore, showcasing strong performance and strategic success across its diverse businesses in telecommunications, retail, and energy. This achievement underscores its market leadership and robust growth.
- JSW Steel has entered into a joint venture (JV) with Japan-based JFE Steel, marking a significant collaboration in the steel industry. The JV entails an investment of Rs 5,500 crore. This partnership is aimed at leveraging the strengths of both companies to enhance technological capabilities and expand their presence in the steel market.
- The Reserve Bank of India (RBI) Governor has confirmed that there are no plans to reconsider the regulatory action taken against Paytm Payments Bank. This statement follows concerns and queries regarding the banking services provider. The RBI had imposed restrictions on Paytm Payments Bank, citing violations and lapses in adhering to regulatory norms. The governor emphasized that the central bank's decision was made after careful consideration, and there is currently no intention to revise or review the order against Paytm Payments Bank.
