1. Stock name: Vijaya Diagnostic Centre Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Listed on the NSE in September 2021, the stock initially trended downward. Between February 2022 and October 2023, a double bottom pattern emerged on the stock's weekly chart. In October 2023, a breakout occurred, marked by substantial trading volume, and the stock has since continued in the breakout direction. Additionally, the stock's RSI is at a favorable level. According to technical analysis, maintaining this momentum may result in further upward movement.

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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: IDFC Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Following its peak in December 2007, the stock endured an extended period of decline. However, after the onset of the COVID-19 pandemic, the stock embarked on an upward trajectory, forming a rounding bottom pattern on its monthly charts. In July 2023, the stock experienced a significant breakout, surpassing its previous high, accompanied by substantial trading volume. Subsequent to the breakout, the stock has continued to move in the direction of the breakout. According to technical analysis, maintaining this momentum may lead to 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) JSW Infrastructure is in discussions to acquire Gopalpur Ports, the ports arm of Shapoorji Pallonji, for an estimated enterprise value of Rs 3,000 crore as part of the Mistry family's commitments to lenders in loan covenants. Gopalpur Ports, strategically located in Odisha, specializes in handling iron ore cargo, making it a strategic fit for JSW's steel operations. This acquisition could add around 25 million tonnes of capacity to JSW's ports portfolio.

2) Vi Business, the enterprise arm of Vodafone Idea, has introduced an IoT lab-as-a-service in partnership with C-DOT, which is equipped to test over 175 scenarios, including 5G and NBIOT devices. This initiative aims to establish a testing and certification framework for IoT devices and applications, covering a wide range of use cases across industries.

3) Polished diamond prices have plummeted by 35% in just one month, bringing them down to levels last seen in 2004. This sharp drop is attributed to various factors, including global economic conditions, the Russia-Ukraine conflict, and the rising demand for lab-grown diamonds.