1. Stock name: Century Plyboards (India) Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

After the initial surge post-COVID, the stock entered a consolidation phase. From September 2022 to December 2023, a notable cup and handle pattern took shape on the weekly chart. December 2023 marked a breakthrough from this pattern, supported by substantial trading volume. The stock is presently undergoing a minor retest. Technical analysis suggests that a successful rebound from this retest, combined with sustained momentum, may lead the stock to further upward movement.

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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: Biocon Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

From December 2020 onwards, the stock exhibited a prolonged downward trend. This trend found stability, forming a double bottom pattern on its weekly chart between December 2022 and January 2024. Notably, the first week of January 2024 marked a breakout candle from this pattern, backed by a significant surge in trading volume. Concurrently, the Relative Strength Index (RSI) of the stock is at a favorable level. According to technical analysis, the stock may see further upward movement if it can maintain the momentum gained from the breakout.

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) Maruti Suzuki plans to invest ₹35,000 crore in a new Gujarat factory, aiming to produce 1 million cars annually with production slated to commence in FY29. As part of a broader strategy to double output to 4 million units by FY31, the company intends to invest a total of ₹38,200 crore in Gujarat, focusing on increased production and expansion, including a substantial investment in electric vehicle production.

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3) Union Bank of India's attempt to block Darwin Platform Group's acquisition of Lavasa Corporation was unsuccessful. NCLAT dismissed their plea, citing UBI's prior approval of the deal and lack of sufficient grounds for reversal. This paves the way for Darwin Platform to take over the development of the Lavasa hill city project.