1. Stock name: Equitas Small Finance Bank Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The general trend of the stock has been in an upward direction. During the July to December 2023 period, the stock formed a cup and handle pattern on its daily chart. On December 12th, a breakout ensued, characterized by significant trading volume, leading to a continued upward movement. Notably, the stock received a positive signal from its MACD indicator upon the chart pattern breakout, reinforcing the bullish trend. As per technical analysis, if the stock maintains its current momentum it may see 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: Tube Investments of India Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

The stock has exhibited a general upward trajectory, and during the period from September to December 2023, it formed a cup and handle pattern on its daily chart. On December 11th, a breakout occurred, accompanied by above-average trading volume. However, the stock experienced a significant retest of the breakout, leading to its current position below the breakout level. The Relative Strength Index (RSI) has shifted from an overbought zone to a moderately favorable level. According to technical analysis, a successful rebound and the establishment of robust upward momentum may potentially drive the stock to further ascend.

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 sells a 49% stake in Adani Ennore Container Terminal to Mediterranean Shipping Company's Terminal Investment Limited for Rs 247 crore, marking their second joint venture. After regulatory approvals, Adani Ports will retain a 51% stake in the terminal, which has a quay length of 400 meters and an annual handling capacity of 0.8 million TEUs, with the concession period extending until 2044.

2) Hero MotoCorp has increased its stake in Ather Energy by acquiring additional shares worth Rs 140 crore, raising its ownership from 36.7% to 39.7%. This move follows Ather's September fundraise of Rs 900 crore, where Hero MotoCorp and GIC participated, and aligns with their collaboration on an interoperable fast-charging network for two-wheelers across 100 cities in India.

3) Shree Cement has commissioned a high-capacity kiln at its new Rajasthan plant, with a daily capacity of 11,500 tonnes, making it one of the world's highest-capacity units. The Rs 3,500 crore facility aims to produce 3.5 million tonnes of cement annually, incorporating advanced technology for energy efficiency and a 33 MW waste heat recovery-based power plant for sustainability in its commitment to becoming an 80 million tonnes company by 2028.