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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: G R Infraprojects Ltd.
Pattern: Double bottom pattern and retest
Time frame: Weekly
Observation:
From October 2021, the stock has shown a consistent downward trend. It found stability and created a double bottom pattern on its weekly chart spanning from September 2022 to April 2024. In early April 2024, the stock witnessed a breakout from this pattern, supported by moderate trading volume. Currently, the stock is undergoing a retest of the breakout level. Favourable conditions are indicated by the stock's Relative Strength Index (RSI). According to technical analysis, a potential upward movement may occur if the stock successfully rebounds from this retest.
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: Indraprastha Gas Ltd.
Pattern: Double bottom pattern
Time frame: Daily
Observation:
Since May 2023, the stock has experienced a decline, but it subsequently stabilized and exhibited a double bottom pattern on its daily chart. On April 5, 2024, the stock broke out from this pattern with significant trading volume support, initiating an upward trend. Despite this positive movement, the stock's Relative Strength Index (RSI) indicates it is in the overbought zone. Nevertheless, according to technical analysis, if the current momentum persists, the stock may continue its upward trajectory.
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) Tesla is in talks with Reliance Industries for an Indian EV manufacturing joint venture. Elon Musk confirms Tesla's interest in India, with plans to export vehicles. Maharashtra and Gujarat offer land proposals, signalling Tesla's potential entry into India's EV market.
2) Dixon Technologies, India's top contract manufacturer, intends to acquire a majority stake in Ismartu India, a manufacturing unit of Chinese phone maker Transsion Holdings. Initially purchasing 50.10% for Rs 238.36 crore in cash, Dixon plans to eventually hold around 55% stake, with additional acquisitions projected for FY27. The deal underscores efforts to enhance India's presence in the mobile phone ecosystem, currently dominated by Chinese brands.
3) Shyam Metalics to invest Rs 650-750 crore in a new stainless-steel hot rolled coils facility in Sambalpur, Odisha. The plant aims to produce high-quality stainless-steel coils, leveraging captive raw materials like DRI, power, and ferro alloys. Expansion plans also include increasing capacities in Stainless Steel bright bars and wires divisions. The project anticipates generating around 1500 job opportunities.
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