1. Stock name: Praj Industries Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

The general trend of the stock has remained in the upward direction. From October 2022 to September 2023, the stock has formed a cup and handle pattern on its daily chart. A significant breakout candle occurred on September 5, 2023, accompanied by substantial trading volume. Following the breakout, the stock continued to move upward. Presently, it is in the process of retesting the breakout level, with the stock's RSI showing signs of recovery. According to technical analysis, if the stock successfully bounces back from this retest and gains momentum in the upward direction, it has the potential to continue its upward trajectory.

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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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2. Stock name: Navin Fluorine International Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

Since July 2019, the stock has been on an upward trajectory, but it has recently shown signs of stabilization. In the time frame between July 2022 and September 2023, the stock formed a double top pattern on its weekly chart, with a noticeable breakout occurring at the end of September 2023, accompanied by substantial trading volumes. Subsequent to this breakout, the stock has continued to trend downward. According to technical analysis, if this downward momentum is sustained, the stock may 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.

News for the day:

1) Jio unveiled India's first satellite-based giga fiber service, JioSpaceFiber, at the India Mobile Congress. The service aims to provide affordable high-speed broadband access to previously unreachable areas across India, and it's part of Reliance Jio's efforts to expand digital inclusivity. Additionally, Jio announced a partnership with SES for access to MEO satellite technology, enabling gigabit-level connectivity in remote regions. The initiative supports the Digital India program, offering high-speed access to government, education, health, and entertainment services nationwide.

2) Jindal India has entered the competition for Future Enterprises by submitting a debt resolution plan under the Insolvency and Bankruptcy Code. They will be competing with Reliance Retail, which is still considering whether to place a bid before October 30.

3) Axis Bank has appointed Munish Sharda as its Executive Director for a three-year term starting from November 1 or upon RBI approval. Sharda, currently the Group Executive and Head of Bharat Banking, will be responsible for business growth in rural and semi-urban markets, leveraging digital technologies and enhancing customer experience.