Technical Analysis Of METROBRAND & CAMPUS

1. Stock name: Metro Brands Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock has seen an upward trended right from its listing. From January to July 2024, it consolidated, forming a cup and handle pattern on its daily chart. On July 11, 2024, it broke out from this pattern, supported by a bullish MACD indicator. Since the breakout, the stock has continued to rise. According to technical analysis, if this momentum is maintained, the stock may see further gains.

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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: Campus Activewear Ltd.

Pattern: Inverse head and shoulders pattern and retest

Time frame: Daily

Observation:

The stock has been in a downward trend since October 2022. Between October 2023 and July 2024, it formed an inverse head and shoulders pattern on its daily chart. On July 3, 2024, it broke out from this pattern but has since experienced some retesting. Currently, the RSI level is favourable. According to technical analysis, if the stock rebounds strongly from the retest, it might move further upwards.

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) Suzuki Motor Corporation has revealed its 10-year tech strategy, focusing on lightweight body structures and small batteries to reduce CO2 emissions and resource usage. With a 58% stake in Maruti Suzuki India, the company aims to enhance its HEARTECT body and develop energy-efficient electric and hybrid vehicles. Suzuki will also advance high-efficiency internal combustion engines and software-defined vehicles (SDVs) to minimize energy consumption and costs. The strategy includes promoting a circular economy by designing easily recyclable and reusable products.

2) Waaree Renewable Technologies Ltd (WRTL) has secured a 30 MW ground-mounted solar project from ISMT Limited, a Kirloskar group company, in Helas village, Jalna district, Maharashtra. The project involves a 22 MW AC/30 MWp DC turnkey setup, with WRTL responsible for engineering, procurement, construction, commissioning, and maintenance. WRTL will also handle design engineering, land acquisition, and statutory approvals to ensure optimal performance and seamless operation.

3) Zee Entertainment Enterprises Ltd. announced a plan to raise $239 million through a 10-year Foreign Currency Convertible Bonds (FCCB) issue. The bonds will be issued in ten tranches to Resonance Opportunities Fund, St. John's Wood Fund Ltd., and Ebisu Global Opportunities, with terms mutually agreed upon by Zee and the investors. These FCCBs, carrying a 5% annual coupon, are unsecured and unlisted. If fully converted to equity, 12.46 crore shares at Rs 1 each will be issued at a conversion price of Rs 160.2 per share.