Stock name: Asian Paints Ltd

Pattern: Rising Wedge Patterns

Time frame: Daily

Observation:

The stock is following a Rising Wedge Pattern on a daily time frame.
The Rising Wedge in the downtrend indicates a continuation of the previous trend.
It is often considered a bearish chart pattern that indicates a potential breakout to the downside

You may add this to your watchlist to understand further price action.

Disclaimer: This analysis is purely for educational purposes and does not contain any recommendations. Please consult your financial advisor before taking any financial decision.

News for the day:

1. The Asian Development Bank has granted $2 million to Tata Power to improve power distribution in Delhi. Additionally, Tata Power will issue Rs 1.5 billion worth of non-convertible debentures to finance the upgrade.

2. A year ago, Hindalco Industries had planned to spend $7.9 billion between FY23 and FY27 on capex, and now in analyst call they reduced this guidance to only $4.5 billion on Novelis headwinds.

3. L&T Energy Hydrocarbon (LTEH), a business unit of Larsen & Toubro (L&T), has won a significant order for its hydrocarbon business under its AdVENT vertical. The order involves the engineering, procurement, and construction (L-EPC) of a Technical Ammonium Nitrate (TAN) plant and Weak Nitric Acid (WNA) plant in Rajasthan, India.