1. Stock name: Bharat Petroleum Corporation Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since September 2021, the stock has maintained a downward trend. From April 2022 to November 2023, there was a stabilization, forming a cup and handle pattern on the weekly chart. In November 2023, the stock experienced a breakout from this pattern, supported by above-average trading volume. Technical analysis suggests that if the stock sustains this momentum, it may continue its upward movement after the breakout.

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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: Nazara Technologies Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Since October 2021, the stock has experienced a continuous decline. Between May 2022 and August 2023, it formed a double bottom pattern on the weekly chart. Towards the end of August 2023, a breakout occurred, supported by above-average trading volume, leading to an upward movement. Presently, the momentum has slowed, and the stock is undergoing a retest of the breakout levels. The stock's RSI is in a healthy range. Technical analysis suggests that if the stock rebounds and gains momentum, it may move higher.

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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) The pharmaceutical industry is reducing reliance on Chinese contractors due to geopolitical tensions and supply chain concerns. Some biotech firms are turning to Indian manufacturers for drug production, with major Indian organizations reporting increased interest. This shift aims to diversify supply chains and establish India as an alternative manufacturing source alongside China.

2) Insurance giant LIC is considering the establishment of a fintech unit as part of its digital transformation project DIVE (Digital Innovation and Value Enhancement). LIC Chairman Siddhartha Mohanty aims to bring best-in-class digital initiatives to stakeholders and customers, starting with the transformation of customer acquisition. The insurer plans to offer services like claims settlement and loans at the click of a button, exploring the possibility of creating its own fintech arm to expand the business further. The company has added three fintech firms as corporate agents this year and is set to launch new products to boost premium growth.

3) The government has mandated the blending of compressed biogas (CBG) with natural gas, starting with 1% in automobiles and household kitchens from April 2025, increasing to around 5% by 2028. Additionally, the government plans to introduce 1% sustainable aviation fuel (SAF) in aircraft turbine fuel by 2027, doubling to 2% in 2028, aligning with the goal of achieving net-zero emissions by 2070.