1. Stock name: Jubilant Pharmova Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Since February 2021, the stock has been on a downward trend. From April 2022 to December 2023, it stabilized and formed a cup and handle pattern on the weekly chart. The breakout from this pattern occurred in early December 2023, accompanied by a positive signal on the MACD indicator. Following the breakout, the stock experienced an upward movement. Currently undergoing a retest, the stock has cooled down the RSI below overbought levels. According to technical analysis, a successful rebound from the retest may signal further upward movement for the stock.

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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: Tech Mahindra Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

After a prolonged period of sideways movement, the stock formed a cup and handle pattern on its daily chart from September 2023 to January 2024. Breaking out on January 12, 2024, the stock's upward momentum was accompanied by significant trading volume. Following the breakout, the stock underwent a successful retest and continued its upward trajectory. Additionally, a positive signal on the MACD indicator was recorded during the breakout from the daily chart pattern. Technical analysis suggests that if the current momentum is sustained, the stock may experience 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.

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News for the day:

1) Sony Group Corp announced the termination of the proposed merger between Sony Pictures Networks India (SPNI) and Zee Entertainment Enterprises Ltd (ZEEL), citing disagreements. The deal, aimed at creating a major media and entertainment business, collapsed after two years of negotiations. The termination reflects challenges and acrimony, signalling a setback amid industry consolidation trends. 

2) Bharti Group is reportedly in discussions with SBI Life and other potential buyers to sell its insurance business, aiming to divest its stake. The talks suggest a strategic move by Bharti Group to explore options for its insurance ventures, potentially involving prominent players like SBI Life. 

3) Hero MotoCorp is partnering with CG Motors to establish an assembly plant in Nepal, aiming to expand its presence in the region. The move is part of Hero MotoCorp's strategy to meet the increasing demand for motorcycles in Nepal and enhance its market share. The collaboration signifies a significant step in strengthening their foothold in the Nepalese automotive market.