Stock name: Vardhman Textiles Ltd.
Pattern: Double top pattern
Time frame: Daily
Observation:
Since June 2022, the stock has been on an upward trend. In July 2024, a double top pattern formed on its daily chart. Today, the stock sharply declined and is now below the breakout line. The stock recently showed a bearish MACD indicator, and its RSI fell below 50. According to technical analysis, if the stock closes below the breakout line, it could signal a breakout from the pattern, and it may lead to further decline.
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: IRB Infrastructure Developers Ltd.
Pattern: Head and shoulders pattern
Time frame: Daily
Observation:
The stock has been on a long-term upward trend but recently stabilized, forming a head and shoulders pattern from April to July 2024. On August 1, 2024, it broke out from this pattern. Currently, the stock is moving downward with low RSI levels. Technical analysis suggests that if this momentum continues, the stock may fall further.
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:
- Gautam Adani plans to retire at 70 and transfer control of Adani Group to his sons and their cousins by the early 2030s, he told Bloomberg News. His heirs—Karan, Jeet, Pranav, and Sagar—will equally benefit from the family trust. A confidential agreement will govern the transition. Adani emphasized the importance of a gradual and systematic succession. This news comes as Adani Enterprises' first-quarter profit more than doubled due to investments in renewable energy.
- Creditors have voted to liquidate Go First Airlines after failing to find a buyer over the past year. A liquidation plea was filed with the Delhi NCLT. Potential offers fell short of expectations. Creditors aim to recover funds through arbitration against Pratt & Whitney and a land auction in Thane. The airline owes around ₹6,200 crore. Led by the Central Bank of India, lenders are pursuing over $1 billion in claims against Pratt & Whitney for supplying faulty engines, which contributed to the airline's bankruptcy.
- The Delhi High Court has assigned a special CBI Court to expedite the trial of India's largest bank fraud case involving Dewan Housing Finance Ltd (DHFL). Promoters Dheeraj and Kapil Wadhawan are accused in the Rs 34,614 crore loan fraud. The CBI's chargesheet, containing over 330,000 pages, implicates 108 individuals and entities. Given the case's complexity and volume of documents, the special CBI Court requested exclusive handling. The trial is expected to take several years even with daily proceedings.
