1. Stock name: Bajaj Holdings & Investment Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

Since April 2020, the stock has demonstrated a consistent upward trajectory. Notably, between September 2022 and December 2023, a cup and handle pattern materialized on its daily chart. A decisive breakout from this pattern occurred on December 4, 2023, accompanied by substantial trading volume. Although the stock initially moved in the direction of the breakout, it has recently undergone a significant retest of the breakout level. Technical analysis suggests that a successful rebound from this level, coupled with maintained momentum, may potentially propel the stock to 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: LIC Housing Finance Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

Commencing a downward movement since July 2017, the stock underwent a stabilization phase. Between August 2019 and November 2023, a double bottom pattern materialized on the monthly chart. In November 2023, a significant breakout from this pattern unfolded, and the momentum extended into December 2023. As indicated by technical analysis, if the stock is able to maintain this momentum it 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) The Reserve Bank of India (RBI) has approved for ICICI Prudential Mutual Fund to acquire a 9.95% stake in Karur Vysya Bank, subject to compliance with relevant regulations. ICICI AMC must adhere to the Banking Regulation Act and RBI guidelines, with the approval contingent on ICICI AMC acquiring a major shareholding within one year; otherwise, the approval will be revoked.

2) Torrent Power has established its wholly-owned subsidiary, Torrent Green Hydrogen Private Limited (TGHPL), with a focus on the production, trading, and exploration of hydrogen and its derivatives. TGHPL, incorporated in India on December 29, 2023, is also set to engage in power-related activities, including generation, transmission, and trading of conventional and renewable energy sources.

3) The National Payments Corporation of India (NPCI) is set to introduce a facility similar to Asba (applications supported by blocked amount) for secondary market trading starting January 1. This service, comparable to Asba's use in IPOs, will allow investors to block funds in their bank accounts during a beta phase facilitated by Groww, with UPI payment apps like BHIM, Groww, and YES Pay Next initially participating.