1. Stock name: Jubilant Pharmova Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Since February 2021, the stock has experienced a downward trajectory. This decline somewhat cooled off around December 2022, leading to a period of sideways movement. During this phase, a bullish cup and handle pattern emerged on the daily charts. Notably, a significant breakout from this pattern occurred on August 10, 2023, accompanied by substantial trading volumes. Subsequent to this breakout, the stock has exhibited gradual upward movement. RSI of the stock is approximately 67 which indicates a robust price action. As per technical analysis, the stock may move further upward if it can capitalize on this price momentum.

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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2. Stock name: Federal Bank Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

Following the COVID-induced market crash and subsequent recovery, the stock is set in an upwards trajectory. Particularly, starting from June 2022, there was a notable and swift upward surge until October 2022. Subsequently, the prices underwent a phase of consolidation, during which a flag and pole pattern emerged on the weekly charts. The recent candlestick indicates a breakout from this pattern, marked by robust trading volume and a positive opening this week. The stock's RSI is hovering around 65 which indicates favorable price strength. As per technical analysis, if the stock is able to maintain this momentum, it may move further 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:

1) BPCL announces a Rs 1.5 lakh crore 5-year investment plan, focusing on expanding its oil and renewable energy sectors, with ambitions of net-zero emissions by 2040. The plan includes initiatives like green hydrogen, carbon capture, and a goal of 1 GW renewable energy capacity by 2025, alongside 50 MW of captive wind power.

2) Gokaldas Exports to acquire Atraco, a Dubai garment company, for $55 million through a blend of debt and internal resources. Subject to regulatory clearances, the deal's closure anticipated by Q4 of this fiscal year.

3) India's automotive sector is anticipated to attain the world's third position by 2030, backed by schemes such as the Rs 25,938 crore PLI for Automobile and Auto Components. A conference, chaired by Minister Mahendra Nath Pandey, is set to review the progress of the Production Linked Incentive - Auto Scheme in collaboration with stakeholders.