Stock name: Welspun Corp Ltd.
Pattern: Flag and pole pattern
Time frame: Daily
Observation:
The stock began a strong upward trend on June 25, 2024, followed by a consolidation phase from July 12 to August 12, 2024. This created a flag and pole pattern on the daily chart. On August 12, 2024, the stock broke out with substantial volume, and on August 16, it confirmed the uptrend with a large green candle, again supported by high volume. According to technical analysis, if this momentum persists, the stock may continue to rise further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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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: LTIMindtree Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
Since May 2022, the stock has been trending upward. Between January and August 2024, it developed a cup and handle pattern on the daily chart. On August 28, 2024, the stock experienced a significant breakout with high volumes. As per technical analysis, if this momentum continues, the stock may rise further. It's advisable to look for additional confirmations, such as RSI levels and the MACD indicator.
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:
- The U.S. has raised concerns about linking domestic fast payment systems, like India’s UPI, for global transactions. Federal Reserve's Christopher J. Waller cautioned that such interlinking could increase risk management burdens for banks and may not necessarily lead to faster or cheaper payments. While India supports this move to reduce remittance costs, Waller emphasized potential trade-offs and uncertainties, particularly regarding legal, compliance, and operational challenges.
- Trent, led by Noel Tata, is set to open its first overseas Zudio store in Dubai next month, targeting the Indian diaspora. The store will be located in Silicon Oasis Mall. Zudio, which now contributes over a third of Trent's revenue, has seen significant growth in India. Future expansion will depend on the store's performance in Dubai.
- L&T Technology Services (LTTS) aims to grow its three new verticals—mobility, sustainability, and tech—into $1 billion revenue segments. Currently, these verticals generate $416 million, $354 million, and $411 million, respectively. While LTTS hasn't set a timeline for this goal, it plans to drive growth through large deals and technology investments. Despite margin improvements in mobility and sustainability, tech margins have declined, and the company is working to improve them through increased offshoring and a higher mix of fresh talent.
