Stock name: V.I.P. Industries Ltd.
Pattern: Support breakout
Time frame: Weekly
Observation:
In October 2021, the stock breached its resistance, initiating an upward trend and establishing a new support level. Subsequently, it traded within a sideways pattern within a parallel channel until March 2024. In March 2024, the stock broke out of this pattern, descending below the support line with higher-than-average trading volume. Presently, the stock is on a downward trajectory, though its RSI levels indicate oversold conditions, which may lead to retest of the breakout. Technical analysis suggests that if the current momentum persists, the stock may see further downward 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.
Stock name: IDFC Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
Since June 2022, the stock has experienced significant upward momentum. However, from July 2023 to March 2024, it stabilized, forming a double top pattern on its weekly chart. A breakout from this pattern can be seen in the month of March 2024 with above-average trading volume. Presently, the stock is declining, accompanied by low RSI levels. Technical indicators suggest that if the breakout momentum continues, further downward movement may be imminent.
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.
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- State owned PFC Consulting has transferred the Solapur Transmission project to Torrent Power through competitive bidding. Torrent Power was selected to establish the transmission system, with the project-specific special purpose vehicle now under its control. PFC Consulting, a subsidiary of Power Finance Corporation (PFC), oversaw the bidding process, as nominated by the Ministry of Power for selecting developers for such projects.
- Oil India aims to raise $550 million via a five-year external commercial loan facilitated by Bank of Baroda. The loan, tied to the six-month SOFR benchmark, will fund expansion into petrochemicals, ethanol, biogas, and renewable energy. Interest will be 110 basis points above the prevailing SOFR rate, reset every six months. Bank of Baroda will initially underwrite the full amount, with potential syndication later.
