Stock name: Ujjivan Small Finance Bank Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
The stock has been moving upward since June 2022. However, it formed a double top pattern on its weekly chart from July 2023 to July 2024. The stock broke out from this pattern in mid-July 2024 and, after a slight dip, is now retesting the breakout level. Despite this, the RSI remains very low. According to technical analysis, if the stock completes the retest and regains downward momentum, it may experience 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: NLC India Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
Since October 2023, the stock has experienced significant upward movement. From February to July 2024, it stabilized, forming a cup and handle pattern on its daily chart, but has yet to break out. This breakout line might act as resistance. The MACD indicator is near a bullish signal, and the RSI level is in the favourable zone. According to technical analysis, a breakout with good momentum may lead to further 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:
- Hindustan Zinc is focusing on battery technology for energy transition, aiming to replace lithium with zinc. Chairperson Priya Agarwal Hebbar highlighted zinc and silver's growing demand at the annual general meeting. The company partnered with AEsir Technologies to develop zinc-based batteries, emphasizing their safety and cost benefits. CEO Arun Misra noted the challenges of lithium availability and safety, making zinc a credible alternative. Hindustan Zinc is also collaborating with Indian academic institutions on battery research.
- Hindustan Petroleum Corporation (HPCL) is investing in petrochemical manufacturing through joint ventures and building India's first integrated refinery and petrochemical complex in Rajasthan. They established a strategic petrochemical unit and a subsidiary, HPCL Renewable & Green Energy Ltd., to focus on green energy. The subsidiary has started supplying renewable energy and HPCL has expanded its renewable portfolio to 208 MW and increased EV charging facilities to 3,603 outlets.
- The Aditya Birla Group is entering the jewellery sector with its brand Indriya, aiming to compete with Tata's Tanishq and Reliance Jewels. Indriya will open stores in Delhi, Indore, and Jaipur, expanding to over 10 cities within six months. With a Rs 5,000 crore investment, the group aims to be a top three player in five years. The jewellery sector is shifting from unorganised to organised markets, driven by rising consumer trust in brands and expansion into tier I and II cities. Organised players now hold 36-38% of the market share.
