Technical Analysis of ERIS LIFE SCIENCES & ESCORTS KUBOTA

1. Stock name: Eris Lifesciences Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

After experiencing a decline during the COVID-19 pandemic, the stock showed a rising trend until November 2021, followed by a correction. Since February 2022, it has been moving sideways and formed a bullish double bottom pattern on its weekly chart. A breakout candle in the third week of July 2023 confirmed the pattern, and the subsequent candles, including the current week, show strong upward movement. Based on technical analysis, if the stock is able to maintain this momentum it may lead to further price increases.

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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.

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2.Stock name: Escorts Kubota Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Since its low during the COVID period, the stock has been on an overall upward trend. However, from around December 2022, there has been a slight cooling, and it has been consolidating. During this time, a bullish cup and handle pattern formed on its weekly charts. On 26th July 2023, a breakout candle was observed from this pattern, and the stock has continued to move upward for a few trading sessions thereafter. According to technical analysis, if this momentum persists, the stock may continue to move further upward.

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.

News for the day:

1) Aditya Birla Group's hospitality arm, ABNAH, acquires KA Hospitality, adding CinCin and franchise rights for Hakkasan, Yauatcha, and Nara Thai restaurants to its portfolio across market segments, driven by the potential of premium casual dining amid rising disposable income and evolving lifestyles in India.

2) Tata's ecommerce platform, Tata Cliq, faces challenges as losses rise by 16% to ₹874.7 crore in fiscal 2022-23, and turnover declines to ₹407.7 crore from ₹844.6 crore the previous year, leading to financial struggles for Tata UniStore.

3) Coal India Limited (CIL) includes lithium, cobalt, and nickel assets in its Memorandum of Association (MoA) as part of its plan to acquire critical mineral assets overseas, supporting India's Atmanirbhar mission by ensuring a stable supply of these minerals. CIL is actively seeking potential mergers and acquisitions opportunities in this strategic expansion into new sectors.