Technical Analysis of NIACL & GICRE

1. Stock name: The New India Assurance Company Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

The stock has experienced an upward trend since November 2023. From January to March 2024, it stabilized and formed a double top pattern on its daily chart. On March 13, 2024, the stock broke out of this pattern, supported by above-average trading volume. Following the breakout, it completed a retest and resumed its downward movement. Currently, the stock's RSI levels are low. As per technical analysis sustaining the current momentum may lead to 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: General Insurance Corporation of India

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Since March 2023, the stock has been on an upward trend. Between January and March 2024, it stabilized and formed a double top pattern on the daily chart. On March 12, 2024, the stock broke out of this pattern, backed by average trading volume. Following the breakout, it underwent a retest and began descending again. Presently, the stock's RSI levels are low. As per technical analysis, the stock may see continuation of its downward trajectory if the current momentum continues.

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) Bharti Airtel is in talks to acquire Vodafone Group's 21.05% stake in Indus Towers, potentially securing a controlling interest. The move could bolster Airtel's stake to 69% and aid Vodafone Idea (Vi), its struggling telecom venture, with infusion of funds. Negotiations, however, are stalled over valuation, led by Airtel's Sunil Mittal. Indus Towers' shares closed 2.9% higher at ₹359.65 on the BSE, with a market capitalization of ₹96,923.41 crore.

2) Mahindra Finance has uncovered a fraud of approximately Rs 150 crore in its retail vehicle loan portfolio at a branch in the northeast. The fraud, involving forgery of KYC documents and fund embezzlement, has led to the postponement of the board meeting to approve financial results for the March quarter and 2023-24. Investigations are ongoing, with some individuals implicated already arrested.

3) Mukesh Ambani's Reliance Industries Ltd (RIL) is set to disrupt India's consumer electronics and home appliances market with its new made-in-India brand, Wyzr. The move aims to challenge the dominance of foreign labels by designing and developing products in-house. Reliance is finalizing production agreements with domestic manufacturers and plans to set up its own plants once the brand gains traction. Wyzr has already debuted with air coolers, with plans to expand into categories like televisions and washing machines under Reliance Retail.