1. Stock name: Tata Consumer Products Ltd.

Pattern: Flag and pole pattern

Time frame: Monthly

Observation:

Between April 2020 and August 2021, the stock experienced a notable and rapid ascent, followed by a consolidation phase spanning from September 2021 to September 2023. These actions culminated in the formation of a flag and pole pattern on its monthly charts. A distinct breakout from this pattern occurred in September 2023, marked by trading volumes surpassing the average. At present, the stock's Relative Strength Index (RSI) is hovering around 63 and appears to be aligning with the breakout direction. From a technical perspective, should the stock sustain this momentum, it may 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: Tata Consultancy Services Ltd.

Pattern: Ascending Triangle pattern

Time frame: Weekly

Observation:

Following the COVID-induced market crash and subsequent rebound, the stock displayed a strong recovery trajectory up until January 2022. Since then, it entered a consolidation phase during which it notably formed an ascending triangle pattern on its weekly charts. In September 2023, an observable breakout from this pattern occurred, marked by significant trading volumes. Presently, the stock is situated around the breakout level, with its Relative Strength Index (RSI) holding steady at approximately 63, indicating considerable strength. According to technical analysis, should the stock sustain momentum in the breakout direction, it may see further upward movement.

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.

News for the day:

1) Maruti Suzuki India (MSI) intends to allocate approximately Rs 1.25 lakh crore for capital expenditures until 2030-31, with plans to expand its product lineup from 17 to 28 models and achieve an annual production capacity of 40 lakh units by 2030-31. In FY23, the company anticipates investing around Rs 7,500 crore in its existing plants as part of this strategy.

2) The Indian government has formed a committee to choose the new chairman for Indian Oil Corp following the retirement of S M Vaidya in August. The committee, including Mallika Srinivasan and M K Surana, will consider both active and retired executives. This move is significant as Indian Oil plays a crucial role in the country's fuel market.

3) Indian Petroleum and Natural Minister Hardeep Puri reassured that the Israel-Palestine conflict will not disrupt crude oil supplies to India, and the government is closely monitoring the situation. Despite a 3% rise in oil prices to $87 per barrel due to the conflict, prices remain below the $95 per barrel level seen two weeks ago.