1. Stock name: Clean Science and Technology Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since January 2022, the stock has been on a downward trend. Between December 2022 and December 2023, it stabilized, forming a double bottom pattern on the weekly chart. December 2023 saw a breakout from the pattern, resulting in an upward movement. The stock's RSI is currently at a favourable level. Technical analysis suggests that if the current momentum is sustained, further upward movement may occur.

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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: Voltas Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Since October 2021, the stock has been on a downward trajectory. Between September 2022 and December 2023, it stabilized and formed a double bottom pattern on its daily chart. The pattern saw a breakout on December 20, 2023, accompanied by substantial trading volume. Following the breakout, the stock has experienced an upward shift. Technical analysis suggests that if the current momentum persists, the stock may see further upward movement.

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) NHPC has committed to investing Rs 4,000 crore in the 750 MW Kuppa Pumped Hydro Storage Project in Gujarat, as outlined in a Memorandum of Understanding with Gujarat Power Corporation. The project, located in Chhota Udaipur, aims to promote clean and green energy, and its implementation is expected to generate substantial employment opportunities, contributing to the local economy.

2) Gold prices are anticipated to reach Rs 70,000 per 10 gm, and silver is expected to shine at Rs 85,000 per kg in 2024, driven by a weakening dollar, declining US treasury yields, and central banks' continued gold purchases, reaching 800 tonnes this year. Global central banks purchased 337 tonnes of gold in Q3CY23, marking the second-highest third quarter on record, as they aim to diversify reserves amid concerns over slower global economic growth and escalating geopolitical tensions in the Middle East.

3) Reliance Jio gained 31.59 lakh mobile subscribers in October 2023, while Bharti Airtel added 3.52 lakh users, according to TRAI data. In contrast, Vodafone Idea (VIL) faced further challenges, losing 20.44 lakh wireless subscribers in October, bringing its total to 22.54 crore users.