Technical Analysis of BHARATFORG & 3MINDIA

1. Stock name: Bharat Forge Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation: 

In February 2024, the stock experienced a significant decline. Following this, it stabilized and depicted a double bottom pattern on its daily chart. On April 19, 2024, the stock broke out from this pattern. Subsequently, it has been moving upwards accompanied by favourable RSI levels. Technical analysis suggests that if the stock maintains its current momentum, it may extend its upward trajectory.

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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.

2. Stock name: 3M India Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation: 

Since May 2022, the stock has experienced a notable uptrend. Recently, it stabilized and exhibited a head and shoulder pattern on its daily chart. On April 15, 2024, the stock broke out from this pattern. Following the breakout, it underwent a strong retest of the breakout level and is presently trading above the neckline. Despite this, the RSI level remains relatively low. According to technical analysis, a successful completion of the retest and a subsequent downward momentum may lead to further decline.

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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.

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News for the day:

1) Pavna Industries partners with OLA Electric to supply auto components, marking its entry into the domestic EV sector, specifically targeting the two-wheeler segment. The agreement involves supplying ignition switches and latches from Pavna's Aligarh unit to OLA Electric's plants across India. Pavna Group's shares rose by 4.99% to Rs 561.40 on the BSE following the announcement.

2) Ravi Jaipuria of RJ Corp has finalized a succession plan: his son will lead the food & beverages business, encompassing Varun Beverages and Devyani International, while his daughter will oversee healthcare and education ventures. Both children, Varun and Devyani, are set to assume strategic leadership roles. The Jaipurias hold substantial stakes in the listed companies, with Varun focusing on VBL and DIL, and Devyani managing healthcare and education sectors. Ravi Jaipuria will remain chairman, overseeing overall growth and policies, while professionals handle daily operations.

3) Zydus Lifesciences debuts a generic drug for overactive bladder in the US, launching Mirabegron extended-release tablets (USP 25 mg) with plans for the 50 mg variant. The medication, aimed at alleviating symptoms like urge urinary incontinence and urgency, will be produced at Zydus' facility in Ahmedabad SEZ, India. CEO Punit Patel highlights the launch's significance for the company's growth strategy in the US market.