1. Stock name: Godrej Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The general trend of the stock has been in an upward direction. However, the stock underwent consolidation, forming a cup and handle pattern on its weekly chart between January 2022 and December 2023. Towards the end of December 2023, a notable breakout occurred, supported by substantial trading volume. Post-breakout, the stock has been on a consistent upward trajectory. Technical analysis indicates that if the current momentum is maintained, then 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: Sun Pharma Advanced Research Company Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since January 2018, the stock has displayed a downward trajectory. However, between October 2018 and January 2024, the stock formed a double bottom pattern on its weekly chart. A substantial breakout from this pattern transpired in the initial week of January 2024, supported by a significant surge in trading volume. According to technical analysis, the stock may see further upward movement if it can maintain this breakout momentum.

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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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News for the day:

1) DLF's Gurugram project, DLF Privana South, achieved a remarkable feat, generating Rs 7,200 crore for the realty developer within 72 hours of its pre-launch, selling out quickly. The luxury residential development, spanning 25 acres in Sectors 76 and 77, Gurugram, includes 1,113 luxury residences in 7 towers, featuring 4 BHK apartments and penthouses.

2) REC, one of the largest state-sponsored infrastructure financiers, plans to raise Rs 2,500 crore by launching Yen bonds this week, utilizing a Regulation S offering for compliance with US laws without requiring registration with the American stock market regulator. The Yen bond offering is open to multiple investors, both within and outside Japan, with REC having filed the offering details on stock exchanges in Tokyo, London, Singapore, and New York.

3) JSW Utkal Steel, a subsidiary of JSW Steel, has acquired possession of 2,677.80 acres of forest land in Jagatsinghpur, Odisha, for its planned 13.2 million tonne integrated steel plant. The project, which has received environmental clearance from the Union Ministry of Environment & Forest and Climate Change, is set to utilize a total of 2,950.31 acres of land, with 272.51 acres already leased to the company by the state government.