Stock name: Jindal Saw

Pattern: Rounding bottom breakout

Time frame: Weekly

Observation:

The stock has made a rounding bottom pattern from August 2021 to February 2023 and has just broken out of it.

Once the stock breaks out of such a pattern, the stock travels the distance equal to the difference between the neckline and the bottom of the rounding bottom pattern. Since this is a weekly time frame, it is usually perceived that these positions can take many weeks / many months of time to move.

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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.

News for the day:

1) CAMS has obtained an in-principle approval from RBI to operate as a payment aggregator

2) Shares of ITC have started trading ex-dividend today. The dividend amount is INR 6 per share.

3) TVS Motor Co. Ltd. is in talks with Abu Dhabi Investment Authority, Goldman Sachs and Carlyle Group for an investment in its EV arm, the ET reported. The ~$300 million investment would value TVS at about $3 billion, likely making it India's most valuable EV two-wheeler manufacturer, ET said, citing people with knowledge of the matter.