1. Stock name: Gillette India Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

Since October 2019, the stock has experienced a downward movement. Between January 2020 and September 2023, it displayed a double bottom pattern on its monthly chart. September 2023 witnessed a breakout from this pattern, marked by a breakout candle accompanied by substantial volume. Post-breakout, the stock is advancing in the breakout direction. As per technical analysis, if the current momentum is sustained, the stock may move further into the upward direction.

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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: Jindal Saw Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

Starting from May 2023, the stock underwent a swift upward trajectory until July 2023, followed by a consolidation period from July to October 2023. During this phase, a flag and pole pattern emerged on the stock's weekly chart from May to October 2023. October 2023 witnessed a breakout from this pattern, backed by above-average trading volume. Although the stock initially moved upward post-breakout, it has recently experienced a slight pullback. According to technical analysis, a successful rebound from this phase could pave the way for a continuation of the upward movement.

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) IDBI Bank has enlisted EY India to facilitate the sale of a ₹4,000 crore distressed debt portfolio under the Stressed Assets Stabilisation Fund (SASF), aiming to recover 15-18% from the sale of 631 accounts, including companies like Daewoo Motors and Malvika Steel. The sale aligns with the bank's stake dilution plans, with Life Insurance Corporation (49.2%) and the government (45%) aiming to offload a combined 60.7% stake, while SASF, created two decades ago, is winding down its 20-year life cycle.

2) Dabur plans to open a new manufacturing unit in South India within a year and expand its international manufacturing activities in the Middle East and Europe. The company aims to customize products for the South Indian market, where it currently contributes 20% of domestic sales, with a focus on increasing saliency. CEO Mohit Malhotra highlighted the company's growth strategy amid rising demand and regional expansion.

3) Qatar's income tax authorities have imposed a Rs 238.95 crore penalty on Indian construction giant Larsen & Toubro (L&T) for alleged discrepancies in income declaration during the tax assessment periods of April 2016 to March 2017 and April 2017 to March 2018. L&T, which has appealed the penalties, expressed confidence in a favorable outcome and stated that it anticipates no significant adverse impact on its financial, operational, or other activities from these penalties.