Stock name: Usha Martin Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since March 2024, the stock has experienced a rapid upward movement. Recently, from June 2024, it formed a double top pattern on its daily chart but has not yet broken out. The breakout line of this pattern may act as a support line. The RSI level has dropped below 50, indicating weakening momentum. If the stock breaks down from the pattern with strong momentum, it may decline further according to technical analysis.
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.
Stock name: Clean Science and Technology Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
The stock has been following a sideways trend. From February 2024 to July 2024, it formed a cup and handle pattern on its daily chart and broke out from the pattern on July 2, 2024, supported by huge trading volume. After the breakout, the stock experienced a strong retest. Currently, the RSI level is still above 50. According to technical analysis, if the stock rebounds from the retest, it may continue to move upwards.
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:
- State Bank of India (SBI) has raised its MCLR by 5 to 10 basis points for tenures from one month to three years, effective July 15. The new rates range from 8.35% for one month to 9% for three years. This is the second consecutive hike after a 10-basis point increase in June. MCLR primarily impacts corporate loans, while retail loans are generally linked to the unchanged RBI repo rate since February 2023.
- Tata Power has invested Rs 4,245 crore in infrastructure expansion and network upgrades in Odisha over the past 3-4 years. Operating four joint ventures with the Odisha government, they serve over 9 million customers. The investment includes Rs 1,232 crore through government-backed schemes, which funded the laying of 33 KV lines and the addition of 30,230 distribution transformers. These upgrades have improved power reliability and reduced transmission losses, with urban areas now receiving an average of 23.68 hours of power daily.
- The Federation of Pharma Entrepreneurs (FoPE) has requested a 10-year exemption from price controls for patented and low-cost drugs priced up to ₹5 per unit. They also seek adjustments to the Drug Price Control Order (DPCO) and a reduction in the 12% GST due to rising ingredient costs. Supported by the Indian Pharmaceutical Alliance (IPA), FoPE highlighted that current price controls are driving research overseas and causing financial strains.
