1. Stock name: Aegis Logistics Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

Starting in February 2022, the stock experienced a strong upward rally. Nevertheless, from October 2022 to October 2023, it underwent a sideways phase, resulting in the formation of a double top pattern on its weekly charts. October 2023 marked a breakout from this pattern, leading to a subsequent decline in the stock. According to technical analysis, if the stock manages to sustain this downward momentum, it may continue on its path of declining value.

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.

--------------------------------------------------

2. Stock name: Max Financial Services Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since July 2021, the stock has been on a downward trajectory, but from August 2022 to August 2023, it exhibited stability and established a double bottom pattern on its weekly chart. In August 2023, the stock broke out from this pattern, initiating an upward trend. At present, there's a minor retest occurring, yet the stock's RSI is favorably positioned. According to technical analysis, if the stock can recover from the retest and sustain its momentum, it may restart its upward trajectory.

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) Adani Group is in talks to divest its 43.97% stake in Adani Wilmar Ltd, aiming to focus on core areas like infrastructure and invest in other group businesses. The conglomerate expects to finalize the deal within a month, anticipating $2.5-3 billion for the stake in the joint venture with Wilmar International. The move is part of Adani's strategy to reallocate resources and create a liquidity buffer following recent setbacks in the wake of a short-seller report.

2) Indian Oil Corporation (IOC) has successfully acquired Mercator Petroleum for approximately Rs 148 crore through an insolvency proceeding, as approved by the National Company Law Tribunal. The resolution plan involves a payment of Rs 135 crore to secured financial creditors, with no provision for unsecured financial creditors. This acquisition grants IOC access to Mercator Petroleum's onland oil and gas exploration block in Gujarat's Cambay Basin, with the potential for an oil discovery of 45.5 million barrels of inplace reserves.

3) Larsen & Toubro (L&T) will sell its complete stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France's Assystem SA, in line with L&T's strategy to prioritize its core businesses. The transaction is expected to be completed before January 15, 2023, pending specific conditions.