1. Stock name: Alkem Laboratories Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has consistently experienced an upward trend. During the period September 2021 and November 2023, it developed a cup and handle pattern on its weekly chart. In early November 2023, there was a substantial breakout from the pattern accompanied by significant trading volume. Following the breakout, the stock has maintained its upward trajectory. The MACD indicator also provided a positive signal around the breakout. According to technical analysis, the stock may extend its upward movement if it can sustain its current momentum.

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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: PNB Housing Finance Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since August 2017, the stock has consistently trended downward. From April 2019 to October 2023, a double bottom pattern emerged on the weekly chart. October 2023 witnessed a breakout from this pattern. Post breakout, the stock has moved in an upward direction. As per technical analysis, if the current momentum is sustained, the stock 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.

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News for the day:

1) Godrej Properties' net debt surged 17% to Rs 6,174 crore in July-September, primarily driven by funding land acquisitions for housing projects targeting a revenue of Rs 32,325 crore. Despite the increase, the company's executive chairperson, Pirojsha Godrej, maintains that the debt position is comfortable with a net debt-equity ratio of 0.65 and anticipates potential further increases before stabilization in the coming quarters.

2) Indian Oil Corporation (IOC) increases the Panipat refinery expansion cost by 10% to Rs 36,225 crore and extends the completion deadline to December 2025. The project aims to enhance the refinery's capacity to produce value-added fuels and includes the setup of a polypropylene unit and a catalytic dewaxing unit, part of IOC's broader strategy to invest in alternative energy sources, including 4,000 fast electric vehicle chargers.

3) State-owned non-banking finance firm REC announces that its loan disbursements have surpassed Rs 1 lakh crore during April-November in the current fiscal year, marking a significant increase from Rs 46,075 crore in the corresponding period last year. REC, previously known as Rural Electrification Corporation, has diversified into the non-power infrastructure sector, with its loan book now exceeding Rs 4,74,275 crore.