1. Stock name: Canara Bank

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since April 2018, the stock has exhibited a sideways trend. From April 2019 to September 2023, a cup and handle pattern emerged on its weekly chart. In September 2023, the stock experienced a breakout from this pattern, accompanied by significant trading volume. Presently, the stock is advancing in the direction of the breakout. According to technical analysis, if the current momentum persists, the stock may sustain 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.

2. Stock name: Home First Finance Company India Ltd.

Pattern: Double top pattern

Pattern: Double top pattern

Observation:

Since March 2023, the stock has consistently trended upward. Between October and November 2023, it stabilized, forming a double top pattern. On November 28, 2023, the stock broke out of this pattern. The RSI is currently at a low level of 40. On the morning of November 29, the stock appears to be retesting the breakout level. As per technical analysis, successful completion of this retest, followed by a downward move with new momentum, may signal a further decline.

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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) Hero MotoCorp experienced a 26% surge in festive rural sales, with its secondary network in tier II and III cities and rural areas witnessing significant growth during the 42-day festive period ending on November 15. The company reported an overall 20% year-on-year increase in sales, reaching a record 1.4 million units during the festive season, indicating a robust revival in rural markets.

2) Balrampur Chinni Mills Ltd (BCML) plans to maintain sugar as its primary focus while expanding ethanol production by 50% to approximately 33 crore litres this season, aiming for a 33:66 ratio between ethanol and sugar revenue. BCML's decision is influenced by fluctuating sugar prices and the government's ethanol blending policy, with the company anticipating a 10% increase in sugar prices this season and a strong realization. BCML emphasizes aligning sugar production with domestic consumption and diverting surpluses to ethanol production amid supportive government measures like a minimum selling price for sugar.

3) Adani Total Gas has initiated a green hydrogen blending pilot in Ahmedabad, blending green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers. The project aims to gradually increase the percentage of green hydrogen in the blend to up to 8%, with the pilot expected to be commissioned by Q1 of fiscal year 2024-25, contributing to reduced emissions and supporting India's transition to sustainable energy solutions.