Technical Analysis of EPL & SYMPHONY

1. Stock name: EPL Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

Since February 2023, the stock has been on an upward trajectory. Between May and September 2023, the stock exhibited a head and shoulder pattern on its daily chart, with a breakout occurring on September 21, 2023. Initially, the stock followed the breakout direction, but it is presently undergoing a retest of this breakout level. According to technical analysis, if the stock completes the retest and continues in the breakout direction, it may potentially experience 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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2. Stock name: Symphony Ltd.

Pattern: Head and shoulders pattern

Time frame: Daily

Observation:

Starting in November 2022, the stock has displayed an upward trend. Between January and May 2023, the stock exhibited a head and shoulder pattern on its daily chart. A breakout from this pattern occurred on September 21, 2023, accompanied by substantial trading volume. Subsequently, the stock has been consistently declining. According to technical analysis, if this downward momentum is sustained, it may continue to move further in the same direction.

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.

News for the day:

1) Reliance Jio is collaborating with Nokia, among others, to develop affordable 4G mobile devices, aiming to transition approximately 250 million 2G users into the 4G realm. The company also plans to unveil an upgraded version of its Rs 999-priced 4G phone with features like UPI payments, WhatsApp, and live TV streaming. Jio's strategy is to offer cost-effective solutions and specialized 4G plans, providing extensive content and services to bridge the digital divide.

2) IndiGo, India's largest airline, is rapidly expanding its international routes to leverage its strategic geographic position, aiming to increase international traffic from 26% to 30% by next year. The airline is deploying various strategies, including code-share partnerships, to become a more global carrier. However, engine issues with Pratt & Whitney may affect the expansion plan.

3) Kolkata-based Bandhan Bank has extended its footprint by opening a branch in Kargil, Ladakh, marking its presence in 35 of India's 36 states and UTs. This expansion aligns with the bank's commitment to serve the diverse financial needs of customers across the country, as it continues to grow its network beyond its traditional regions.