Technical Analysis of KAJARIACER & BLUEDART

1. Stock name: Kajaria Ceramics Ltd.

Pattern: Double top pattern and retest

Time frame: Weekly

Observation:

Since May 2020, the stock has been on an upward trajectory. Between July 2023 and March 2024, it underwent consolidation, forming a double top pattern on its weekly chart. March 2024 saw a breakout from this pattern, followed by an immediate retest leading to stock closing above the breakout line. Currently, the stock has completed its retest and resumed its downward trend. Moreover, its RSI levels suggest notable weakness. As per technical analysis, if the stock continues with the current momentum it may see further decline.

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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: Blue Dart Express Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Weekly

Observation:

Since August 2020, the stock experienced a remarkable upward trend, but it has consolidated and formed a head and shoulders pattern on its weekly chart. March 2024 witnessed a breakout from this pattern, followed swiftly by a substantial retest of the breakout closing above the neckline. Presently, the stock has concluded its retest and is once again trending downward. Additionally, the stock's RSI levels indicate significant weakness but the stock is still above the breakout line. According to technical analysis, if this downward momentum persists, further declines may be expected.

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) Hindustan Zinc Ltd (HZL) partners with VEXL Environ Projects to establish a pilot project converting waste into resources. The Memorandum of Understanding (MoU) aims for sustainable solutions by utilizing waste products like jarosite and jarofix from zinc extraction. CEO Arun Misra emphasizes the partnership's potential in unlocking value from waste streams for a greener future.

2) The Adani Group, via Ambuja Cements and ACC Ltd, aims for a 20% share in India's cement market by FY28, leveraging internal funds to remain debt-free. They plan aggressive capacity expansion to reach 140 million tonnes per annum by FY2028. Ambuja emphasizes debt-free status and growth supported by group synergies amidst India's growing cement demand.

3) Amid Iran-Israel tensions, Sensex and Nifty slid on April 15, 2024, with Sensex dropping 610.17 points to 73,634.73 and Nifty by 181.60 points to 22,337.80 (at the time of writing this blog). Experts and analysists have warned of volatility due to the conflict and Iran's cargo ship seizure, impacting global equity markets and crude oil prices. They have highlighted geopolitical tensions affecting bond yields and leading to outflows from emerging markets like India.