1. Stock name: Mastek Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Since April 2022, the stock has undergone a swift descent, exhibiting some stabilization before forming a cup and handle pattern on its weekly chart between July 2022 and December 2023. A significant breakout from this pattern occurred in December 2023, supported by substantial trading volume and a positive MACD indicator signal. Although the stock has ascended post-breakout, it is currently undergoing a retest, causing a decline in its RSI to a favorable level. According to technical analysis, a successful bounce-back from the retest may propel the stock in an upward direction.

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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: RHI MAGNESITA INDIA Ltd.

Pattern: Ascending channel pattern

Time frame: Daily

Observation:

On February 14, 2023, the stock experienced a downward gap on its daily chart, initiating a movement confined within parallel trend lines. This resulted in the creation of an ascending channel pattern on the daily chart. There are multiple instances where the top trend line has acted as a resistance and the bottom trend line as a support. On January 24, 2024, the stock found support at the lower trend line, suggesting a potential rebound in Wednesday's trading session. According to technical analysis, a successful rebound with increased momentum may propel the stock upward.

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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) Indian Railways has slashed rates for transporting SUVs and mass transport vehicles by 33%, aiming to enhance affordability and accessibility. The move is expected to positively impact the logistics and transportation sector. 

2) The Competition Commission of India (CCI) has granted approval for the merger of Fincare Small Finance Bank with AU Small Finance Bank. This move is set to consolidate the banking and financial services sector, creating a larger entity. The merger is expected to bring about synergies and enhance the overall efficiency of the combined operations. 

3) L&T's subsidiary, Heavy Engineering, has secured undisclosed yet "significant" orders globally and domestically. These include projects like a debottlenecking project in the Middle East and a critical repair project for Indian Oil Corporation. The total order value falls between Rs 1,000 crore to Rs 2,500 crore.