1. Stock name: Triveni Engineering & Industries Ltd.

Pattern: Rounding bottom pattern

Time frame: Daily

Observation:

Following the COVID market crash, the stock experienced a steady uptrend until April 2022. However, it has since entered a consolidation phase. During the period from April 22, 2022, to September 14, 2023, the stock exhibited a rounding bottom pattern on its daily chart. A breakout candle emerged on September 14, 2023, with substantial trading volume support. Despite the breakout, the stock encountered resistance in its upward movement. Notably, the stock's RSI remains at healthy levels. In accordance with technical analysis, should the stock gather momentum from this point, it may continue moving upward.

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.

--------------------------------------------------

2. Stock name: The Ramco Cements Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

After a significant surge between April 2020 and July 2021, the stock underwent a corrective phase. Between January 2022 and October 2023, the stock shaped a cup and handle pattern on its weekly charts. A breakout from this pattern materialized in the second week of October 2023, accompanied by substantial trading volume. Additionally, the MACD indicator recently yielded a bullish signal. According to technical analysis, maintaining this momentum may lead the stock to ascend further.

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) Adani Green Energy is set to expand its solar and wind power capacity and will invest $3 billion in backward integration to significantly increase its solar manufacturing capacity.

2) IDBI Bank possesses deferred tax assets amounting to Rs 11,520 crore and a portfolio of 120 properties across seven major cities, including Mumbai, Pune, and Chennai, according to the Department of Investment and Public Asset Management (DIPAM). These deferred tax assets primarily represent overpaid taxes that can offset future tax obligations. The government, in partnership with LIC, is divesting a nearly 61% stake in IDBI Bank and is currently seeking an asset valuer to assess the bank's assets for its strategic sale. The asset valuer will also consider intangible assets such as the brand name and branch network.

3) PFC and REC are seeking DIPAM's approval for a debt resolution plan for the KSK Mahanadi Power project, which is in insolvency proceedings. They had earlier expressed interest in the project but require official approval to participate in the resolution process.