1. Stock name: Exide Industries Ltd.

Pattern: Double bottom pattern 

Time frame: Weekly

Observation:
Since August 2018, the stock has witnessed a substantial decline. Notably, between May 2019 and June 2023, a double bottom pattern materialized on its weekly charts, with a breakout occurring in June 2023, accompanied by robust trading volume. The stock initially moved in the breakout direction but underwent a brief retest in the current period before bouncing back. According to technical analysis, maintaining the current rebound momentum may propel the stock further upward.

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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: RITES Ltd.

Pattern: Head and shoulder pattern

Time frame: Daily

Observation:

Between July and September 2023, the stock experienced a pronounced upward shift, followed by a subsequent downward movement. Notably, from July to October 2023, a head and shoulder pattern manifested on the stock's daily chart. The stock has registered a breakout candle from the pattern on 23rd of October 2023. Though the breakout candle was with below-average volume, the stock has moved in the direction of the breakout. Currently, the Relative Strength Index (RSI) is at a low level, indicating a vulnerability in the price movement. According to technical analysis, the stock may persist in its downward trajectory if the existing momentum is sustained.

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) Two Japanese banks are set to join the growing roster of financial institutions in India's tax-free GIFT City, revealed the chairman of the International Financial Services Centres Authority (IFSCA). The city already hosts over 550 businesses with assets totaling USD 47 billion, contributing significantly to India's economic landscape. 

2) The Reserve Bank of India (RBI) has approved the appointment of Isha Mukesh Ambani, along with two others, as directors of Jio Financial Services, a non-banking financial company (NBFC) under Reliance Industries. The approval, received on November 15, 2023, comes as Jio Financial reports strong financials, with a net profit doubling to Rs 668.18 crore in the July-September quarter and a 47% increase in revenue to Rs 608.04 crore. This was partly helped by a dividend income of Rs 216.85 crore. 

 3) TVS Motor Company has entered the European market through a strategic alliance with Zurich-based Emil Frey Group, a prominent automotive distribution enterprise. The partnership, which involves an import and distribution agreement, aims to leverage Emil Frey's extensive network and market insights for TVS Motor Company's global expansion strategy, with products like Jupiter 125, NTORQ, and Apache RR 310 being introduced in selected European countries.