Technical Analysis of AARTIIND & RATNAMANI

1. Stock name: Aarti Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Between November 2022 and April 2024, the stock's weekly chart reveals the emergence of a cup and handle pattern. In early April 2024, the stock experienced a breakout from this pattern, supported by a bullish MACD indicator. Following the breakout, the stock trended upwards. Additionally, the stock's RSI level indicates a favourable position. Technical analysis suggests that if the stock sustains its breakout momentum, it may continue its upward trajectory.

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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: Ratnamani Metals & Tubes Ltd.

Pattern: Inverse head and shoulders pattern

Time frame: Daily

Observation:

Since December 2023, the stock has experienced a decline, followed by stabilization and the formation of an inverse head and shoulders pattern on its daily chart. On April 29, 2024, the stock broke out from this pattern with average trading volume. Subsequently, it trended upward, accompanied by favourable RSI levels. According to technical analysis, if the current momentum persists, the stock may continue its ascent.

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) Six Adani Group firms received Sebi show-cause notices over related party transactions and listing rule breaches following allegations by Hindenburg Research. Adani Enterprises disclosed two notices for the quarter ended March 31. Although firms believe limited impact, auditors (except Adani Wilmar and Adani Total Gas) issued qualified opinions indicating potential future financial statement effects pending Sebi investigation outcomes. Sebi's scrutiny, prompted by Hindenburg Research's allegations, focuses on specific related party transactions.

2) The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance's eCOM and online 'Insta EMI Card' with immediate effect, following remedial actions by the company. Bajaj Finance announced the RBI's decision via an exchange filing, allowing it to resume loan sanctioning and disbursal in these segments, including EMI card issuance. Last November, the RBI had barred Bajaj Finance from advancing loans under these products due to non-compliance with digital lending guidelines, citing issues like non-issuance of key fact statements to borrowers.

3) Dabur India CEO, Mohit Malhotra, confirmed compliance with FSSAI regulations for Indian markets and Spice Board guidelines for overseas markets for all its spices. Export consignments undergo rigorous testing by the Spice Board before shipment. The company employs steam sterilization and an in-house micro lab for quality assurance. This assurance follows recent concerns over spice blends in Hong Kong and Singapore, prompting investigations by FSSAI, FDA, and inspections at major spice companies' facilities.