1. Stock name: Grindwell Norton Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Following a post-COVID market rebound, the stock rallied, but corrected after September 2022. The downward movement continued until December 2022, and price consolidated thereafter. During this period, a bullish double bottom pattern formed on the daily charts. The stock broke out from this pattern around mid-June 2023 but underwent a retest. A rebound occurred in late July 2023, followed by a correction again, similar to a second retest. The stock is currently at 61 RSI levels which shows good price strength. As per technical analysis, if the stock rediscovers its momentum, it may move further upwards.

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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2. Stock name: Graphite India Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Following a significant rebound after the pandemic setback, the stock experienced a decline starting in May 2021, which persisted until the beginning of 2023. Starting in January 2023, the stock entered a period of consolidation, during which it formed a bullish cup and handle pattern on its daily charts. Notably, a breakout candle accompanied by substantial trading volumes occurred on the closing day of August 4th, 2023. Recently, the MACD line crossed above the base line. As per technical analysis, if the breakout level is maintained, the stock may move upwards.

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) PwC resigns as auditor of Paytm Payments Services Limited, and S.R. Batliboi & Associates LLP is appointed as the new Statutory Auditors, effective from August 7, 2023, due to changes in auditors at the holding company level.

2) Government plans to provide Rs 30,000 crore financial aid to Oil Marketing Companies, including IOC, BPCL, and HPCL, anticipated to be disbursed by October 2023.

3) Adani Energy Solutions achieves financial closure for its $1 billion green HVDC link project, aiming to enhance renewable power supply to Mumbai's grid and meet increasing electricity demand. The funding is part of a $700 million revolving project finance facility secured in October 2021, involving nine international banks including DBS Bank, Standard Chartered Bank, and others.