Stock name: Tata Steel Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
Since July 2022, the stock has been trending upward. From April 2024 to August 2024, it formed a head and shoulders pattern on its daily chart. The stock broke out of this pattern on August 5, 2024, with above-average trading volume and a bearish MACD indicator. Following the breakout, the stock has been moving downward. However, the current RSI is very low, which may indicate a potential retest. According to technical analysis, if the stock maintains its current momentum, it could continue to decline further.
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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: Apollo Hospitals Enterprise Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
Since May 2022, the stock has been trending upward. Recently, between February 2024 and August 2024, it has stabilized, forming a cup and handle pattern on its daily chart. The stock has not yet broken out from this pattern. Currently, the RSI levels are in a favourable zone. According to technical analysis, if the stock breaks out with strong momentum, it might see a continuation in the upward 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.
News for the day:
- The Supreme Court has permitted states to collect past mining royalties from April 1, 2005, with payments spread over 12 years starting April 1, 2026. This decision led to declines in stock prices for Hindustan Zinc, NMDC, Coal India, Tata Steel, and SAIL. The ruling follows a July 25 verdict affirming states' power to tax mineral resources, overturning a 1989 judgment. The retrospective application has sparked debate, with concerns over financial impacts on companies and the Centre.
- The Enforcement Directorate (ED) has summoned Dabur India Chairman Mohit Burman and three Care Health Insurance directors over a money laundering probe related to the Burman family's open offer for Religare Enterprises. The investigation, sparked by REL shareholder Vaibhav Gawli’s complaints, is examining alleged misuse of funds from Religare Finvest. The Burman family supports the probe, claiming their offer complied with regulations. The Economic Offences Wing (EOW) of Mumbai police is also investigating and has sought SEBI's input on the allegations.
- Muthoot Finance's loan assets under management (AUM) rose 28% year-over-year to ₹98,048 crore in Q1 FY25. The company's gold loan AUM grew 25% to ₹84,324 crore. Muthoot Homefin saw a 47% increase in loan AUM, reaching ₹2,199 crore, and a 103% rise in loan disbursements to ₹221 crore. Profit after tax for Muthoot Finance increased 11% to ₹1,079 crore, while subsidiary Belstar Microfinance's AUM grew 42% to ₹9,952 crore, with a 73% rise in profit. Other subsidiaries also showed notable growth, with Muthoot Money's loan portfolio increasing 234% year-over-year.
