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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: Manappuram Finance Ltd.
Pattern: Cup and handle pattern
Time frame: Weekly
Since November 2021, the stock has been on a downward trend. Between February 2022 and November 2023, it formed a cup and handle pattern on the weekly chart. In November 2023, the stock broke out of this pattern with significant trading volume. Although there was a minor retest post-breakout, the overall trend is upward. Presently, the stock is ascending, supported by a favorable RSI and a positive MACD signal. Technical analysis suggests that if the current momentum persists, the stock may continue its upward trajectory.
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.
2. Stock name: Central Bank of India
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Since May 2017, the stock has been on a downward trajectory. Between December 2018 and September 2023, it formed a cup and handle pattern on its weekly chart, experiencing a breakout in September 2023 with above-average trading volume. Following the breakout, the stock began moving upward, but it is currently undergoing a retest phase. The RSI is at a favorable level. According to technical analysis, a successful rebound from the retest and the establishment of upward momentum may lead the stock to continue its upward trend.
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) Tata Technologies shares soared 180% in their trading debut, listing at a 140% premium over the issue price. The IPO, valued at Rs 3,042 crore, received bids worth over Rs 1.5 lakh crore, with a subscription rate of nearly 70 times the shares on offer.
2) Tata Motors inaugurates its fourth Registered Vehicle Scrapping Facility in Chandigarh, boasting environmentally-friendly processes with the capacity to safely and sustainably disassemble 12,000 end-of-life vehicles annually. Developed and operated by Tata Motors' partner, Dada Trading Company, the facility caters to both passenger and commercial vehicles.
3) The Indian government issues a fresh Request for Proposal (RFP) for the appointment of an asset valuer for the strategic sale of IDBI Bank, following the cancellation of the previous bid process due to low bidder interest. The last date for submitting bids is January 5, with the Department of Investment and Public Asset Management (DIPAM) aiming to attract more interest by reviewing some bid criteria.