1. Stock name: Engineers India Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

From December 2017 to March 2020, the stock consistently declined, followed by a period of sideways movement. In 2023, a noteworthy upward trend commenced, bringing the stock back to levels seen in 2017. This resulted in the formation of a rounding bottom pattern on the weekly chart spanning from December 2017 to January 2024. The breakout from this pattern occurred in January 2024, accompanied by above-average trading volume. According to technical analysis, the stock's ability to maintain this breakout momentum may indicate 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: Route Mobile Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between April 2022 and January 2024, the stock adopted a sideways trajectory, forming a cup and handle pattern on its weekly chart. January 2024 marked a significant breakout from this pattern, supported by an above average trading volume. The current phase involves the stock undergoing a retest of the breakout levels. Additionally, the stock has seen favorable indicators on both the MACD and RSI. Technical analysis suggests that a successful rebound from the ongoing retest may pave the way for further upward movement in the stock's 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) Adani Power, Jindal Group, and Vedanta are among the twelve companies vying for IL&FS Tamil Nadu Power Corporation (ITPCL), a significant asset in the IL&FS portfolio with a debt nearing Rs 10,000 crore. ITPCL, comprising two coal-based power plants with 1,200 MW capacity in Cuddalore and potential for an additional 2,000 MW, as well as a captive jetty and coal mine in Indonesia, recently attracted expressions of interest as part of its resolution process.

2) Top executives, including Kotak Cherry's CEO, are leaving Kotak Mahindra Bank to join rival Angel One. This move comes amid industry shifts, with tech-first brokers like Angel One challenging traditional banks in wealth management. Angel One, boasting 17 million customers and strong financials, continues its rapid expansion.

3) TCS, India's leading software-services exporter, plans to diversify to markets like Japan, Latin America, and Southern Europe as it addresses weakness in North America, where quarterly profit growth has slowed. The move follows a decline in revenue contributions from North America for four consecutive quarters, prompting TCS to focus on other regions with growth potential despite language and other barriers.