1. Stock name: CSB Bank Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

Between August 2021 and June 2022, the stock experienced a downward trend, but it reversed course and started an upward trajectory from June 2022 onward. Throughout the period from August 2021 to November 2023, a rounding bottom pattern is noticeable on the weekly charts. The stock successfully broke out of this pattern in November 2023, accompanied by average trading volume. Following the breakout, the stock has sustained its upward momentum, and according to technical analysis, it might persist in its upward trend if the current momentum is maintained.

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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: Sobha Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

Between January 2022 and March 2023, the stock trended downward and seen a reversal in its trajectory to gain an upward momentum from March 2023 onward. Throughout the period from January 2022 to December 2023, a rounding bottom pattern is registered on the weekly charts. The stock experienced a breakout from this pattern at the beginning of December 2023, supported by above-average trading volume. According to technical analysis, the stock may continue its upward journey if it can sustain its current 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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News for the day:

1) Bajaj Auto MD Rajiv Bajaj expressed a commitment to constructive growth, emphasizing the company's successful past transformations and its entry into the electric vehicle (EV) market. He discussed the potential profitability of EVs with a strong brand and competitive cost structure. Additionally, Bajaj provided insights into the challenges of introducing a CNG motorcycle, aiming for a 2025 launch to address environmental concerns.

2) Tata Play's introduction of addressable ads for linear TV is deemed a breakthrough, enabling targeted advertising and potential revenue growth for the dish TV provider. This innovation allows broadcasters to tailor ads based on regional and income group preferences, marking a significant move in India's industry for unconnected boxes and providing advertisers with measurable audience segmentation for more effective TV advertising.

3) Adani Power has raised its offer to Rs 4,100 crore for Lanco Amarkantak Power, undergoing insolvency proceedings, marking the second improvement within six weeks. Despite an initial offer of Rs 3,650 crore and the PFC-led consortium's Rs 3,020 crore resolution plan, Adani Power aims to secure the distressed power company, with the NCLT yet to endorse the existing consortium's proposal.