1. Stock name: Varroc Engineering Ltd. 

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between April 2022 and March 2023, the stock experienced a downward trend, followed by an upward movement. From April 2022 to November 2023, a cup and handle pattern emerged on the weekly chart. The stock broke out from this pattern in November 2023, accompanied by significant trading volume. After the breakout, the stock ascended, but it is presently undergoing a retest. According to technical analysis, a successful rebound from the retest may see further upward movement in the stock.

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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: Info Edge (India) Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Since October 2021, the stock has undergone a downward trend. Between April 2022 and December 2023, a cup and handle pattern materialized on the weekly chart, with a breakout occurring in December 2023 supported by higher-than-average trading volume. Currently undergoing a retest and the stock's RSI has cooled down to a favorable level. Technical analysis suggests that a successful rebound from the retest may prompt an upward movement in the stock.

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) Tata Consumer Products plans to raise Rs 3,500 crore in debt to fund two acquisitions. The move is part of Tata Consumer's strategic expansion and investment in the FMCG sector. The funds will be utilized for acquiring brands and strengthening the company's position in the consumer products market.

2) Tata Steel is set to close blast furnaces at its Port Talbot plant, potentially resulting in the loss of 2,800 jobs. The decision is part of Tata Steel's strategy to transition to more sustainable and advanced steelmaking methods. The move reflects ongoing challenges in the steel industry and efforts to adapt to changing market dynamics.

3) Reliance Jio's Q3 results indicate a turnaround as affordable phones, wireless broadband, and increased user base bring an end to four quarters of sluggish growth. The telecom company's performance reflects the positive impact of strategic initiatives and a growing customer base. Jio's focus on affordable devices and wireless broadband services has contributed to its improved financial outlook.