1. Stock name: Coforge Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since the market recovery post-COVID, the stock has been on an upward trajectory. From January 2022 to November 2023, it exhibited a cup and handle pattern on the weekly chart. In November 2023, the stock experienced a breakout, backed by moderate trading volume, and has since maintained an upward trend. The RSI reflects a positive level, and the MACD indicator also signals a positive sign during the breakout. According to technical analysis, sustaining the current momentum may lead to the stock's continued 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: Dr. Lal Path Labs Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Since March 2023, the stock has been consistently rising. Between July and November 2023, it displayed a cup and handle pattern on the daily chart. The breakout from this pattern occurred on November 3, 2023, accompanied by substantial trading volume. Although the stock has been ascending gradually post-breakout, its RSI is at a favorable level. According to technical analysis, a sustained momentum may propel the stock further upwards.

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) Apollo Tyres received a significant reprieve as the Supreme Court dismissed Sebi's appeal, upholding the Securities Appellate Tribunal's order to quash a Rs 65 crore penalty imposed by Sebi in 2018. The penalty was related to the violation of norms in the buyback of shares in 2003, and the court criticized Sebi for challenging SAT orders and requested a list of appeals filed against the tribunal's decisions.

2) L&T Finance Holdings has successfully merged L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee into a single entity, effective December 4. This consolidation, approved by various authorities, brings all lending businesses under the equity-listed operating entity of L&T Finance Holdings, streamlining operations and enhancing efficiency.

3) HFCL Ltd. has secured a Rs 67 crore order for Optical Fiber Cables (OFC) from a major Indian telecom provider, aiming to fulfill the growing demand driven by digitization efforts, including BharatNet and telecom network expansions. The order, to be completed by April 2024, aligns with HFCL's expansion plans and recent innovations, such as the launch of a high-fibre count IBR cable for 5G infrastructure and data center requirements.