Technical Analysis of GODREJPROP & DEEPAKFERT

1. Stock name: Godrej Properties Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between October 2021 and April 2024, the stock exhibited a cup and handle pattern on its weekly chart, forming in a breakout at the beginning of April 2024. This breakout was supported by slightly above-average trading volume and a bullish MACD indicator. Presently, the stock is undergoing a retest of the breakout level, with the RSI at a favourable level. Technical analysis suggests that if the stock rebounds from this retest, it may potentially ascend further.

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.

2. Stock name: Deepak Fertilisers & Petrochemicals Corp. Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Between February and April 2024, the stock has formed a cup and handle pattern on its daily chart. The stock has registered a breakout on April 24, 2024, supported by substantial trading volume. Concurrently, the stock's RSI indicates elevated levels. Technical analysis suggests that if the stock maintains its breakout momentum, it may potentially ascend further.

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) RBI imposes strict restrictions on Kotak Mahindra Bank for long-standing IT system issues, prohibiting new customer acquisitions online and issuing fresh credit cards. Despite this, the bank assures uninterrupted services and pledges to bolster its IT systems. The RBI's action highlights serious deficiencies in Kotak's operations, marking a significant regulatory intervention.

2) REC Limited extends a Rs 1,869.265 crore term loan to Chenab Valley Power Project Private Limited (CVPPPL) for the Kiru Hydro Electric Project on the Chenab River. The loan facilitates the development of the 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu and Kashmir. CVPPPL, a joint venture between NHPC and JKSPDC, aims to harness the hydro potential of the Chenab River with multiple projects totalling 3,094 MW capacity.

3) The National Company Law Tribunal (NCLT) Ahmedabad bench has admitted an insolvency resolution plea against Sadbhav Engineering, a listed infra firm, filed by its operational creditor SS Infra. NCLT cited Sadbhav Engineering's default in payment as the reason for admission. Sanjay Kumar Agarwal has been appointed as the interim resolution professional (IRP) for the company.