Technical Analysis Of BRITANNIA & AAVAS

1. Stock name: Britannia Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock's overall trend has been upward. From January to July 2024, it formed a cup and handle pattern on the daily chart, breaking out in July 2024 with support from a bullish MACD indicator. After the breakout, the stock continued to rise, though the RSI is now in the overbought zone. According to technical analysis, if the stock maintains its current momentum, it may continue to move upward.

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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: Aavas Financiers Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

From February 2022 onwards, the stock was on a downward movement. Between April 2024 and June 2024, it stabilized and formed a double bottom pattern on its daily chart. The stock broke out from this pattern on June 11, 2024, with above-average trading volume. Following the breakout, the stock moved upward but is currently retesting the breakout level. The RSI remains above 50, and if the stock rebounds successfully from this retest, it may continue to move upward according to technical analysis.

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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News for the day:

1) Adani Ports will invest ₹10,000 crore ($1.2 billion) in the Vizhinjam transshipment terminal in Kerala, to be completed by 2028. The investment aims to attract major container lines and enhance India's position in international maritime trade. The port's strategic location near key shipping routes and deep channels will allow it to handle large vessels. The first container ship from Maersk is set for a trial run on July 12. The project includes extending the berth and breakwater, adding bunkering facilities, and boosting capacity with additional cranes and a cruise terminal.

2) Jio Financial Services has received RBI approval to convert from an NBFC to a Core Investment Company (CIC). This change, following a November 2023 application, is part of its demerger from Reliance Industries Ltd. As a CIC, Jio Financial will focus on managing investments in its subsidiaries, holding at least 90% of net assets in group company investments. This transition offers greater operational flexibility and the ability to diversify its investment portfolio.

3) Andhra Pradesh Chief Minister N Chandrababu Naidu met with Bharat Petroleum Corporation Ltd (BPCL) officials to discuss setting up an oil refinery and petrochemical complex, potentially attracting Rs 70,000 crore in investment. He directed a feasibility report within 90 days, highlighting the state's strategic east coast location.