1. Stock name: Affle (India) Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Between December 2022 and December 2023, the stock maintained a sideways trajectory, forming a distinctive cup and handle pattern on its daily chart. The decisive breakout from this pattern occurred on December 11, 2023, supported by an above-average trading volume. Since the breakout, the stock has been advancing in the direction established by the breakout. Technical analysis suggests that if the current momentum persists, the stock may see 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.

2. Stock name: Prism Johnson Ltd.

Pattern: Flag and pole pattern

Time frame: Monthly

Observation:

Between April 2020 and July 2021, the stock underwent a rapid upward movement, stabilizing from July 2021 to November 2023. During this period, a flag and pole pattern formed on the monthly chart. November 2023 witnessed a breakout from this pattern, accompanied by substantial trading volume. Following the breakout, the stock is now on an upward trajectory. Technical analysis indicates that if the current momentum persists, the stock may continue its 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.

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News for the day:

1) Sony has yet to agree to extend the December 21 deadline for its merger with Zee, awaiting Zee Entertainment's plans to address pending closure criteria. The deal, anticipated to conclude in 8-10 months, faces delays due to legal challenges, including cases filed by financial institutions against ZEEL and SEBI orders against its promoters. Once completed, the $10 billion media powerhouse will compete globally and locally in TV, OTT, and content creation.

2) India has reduced the windfall tax on crude oil to Rs 1,300 per tonne from Rs 5,000 and on diesel to Rs 0.5 per litre from Rs 1, according to a government notification. The windfall tax on aviation turbine fuel has been increased to 1 rupee per litre from zero as part of the government's adjustments to the tax imposed in July 2022, aimed at curbing exports by private refiners seeking higher profits from robust refining margins.

3) Siemens Ltd. in India has approved the demerger of its energy business into a separate unit, following Siemens AG's announcement of a €2.1 billion stake purchase in its subsidiary. The move involves incorporating a wholly-owned unit in Mumbai and is part of Siemens AG's plan to increase its stake in Siemens India from 51% to 69%, while Siemens Energy's stake decreases from 24% to 6%.