1. Stock name: Gujarat State Fertilizers & Chemicals Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has generally followed an upward trajectory. Between January 2018 and October 2023, a cup and handle pattern emerged on the weekly charts. A breakout from this pattern can be observed in October 2023, accompanied by significant trading volume. The stock appears to be following the breakout direction, and its RSI is in a favorable range. According to technical analysis, if the stock can sustain this momentum, it might experience further upward movement.

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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: Bank of Baroda

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Since around 2011, the stock has been range-bound, indicating a prolonged consolidation phase. Notably, a bullish cup and handle pattern materialized on the weekly chart between May 2017 and July 2023, followed by a breakout in early July 2023 with substantial trading volume. After the breakout, the stock saw an initial upward move and its first retest, from which it rebounded successfully. However, it is currently in the midst of its second retest of the breakout level. The stock's RSI is at a favorable level, and according to technical analysis, if it can maintain the breakout level, further upward movement may occur.

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) The Reserve Bank of India, which approves all senior bank appointments, chose Ashok Vaswani as CEO of Kotak Mahindra Bank over internal candidate K.V.S Manian. This unconventional decision has surprised many The Reserve Bank of India's choice of an outsider has caused the bank's stock to decline, raising eyebrows among analysts and senior management.

2) Vedanta's CFO, Sonal Shrivastava, has stepped down for personal reasons, and the company is bringing back Ajay Goel, who had previously joined Byju's, to replace her. This development occurs during a pivotal period for Vedanta, marked by significant restructuring and financial challenges, including debt issues and a recent credit rating downgrade for its UK-based parent company, Vedanta Resources.

3) Adani Ports and Special Economic Zone Limited (APSEZL) has established a new subsidiary, Udanvat Leasing IFSC Limited, dedicated to aircraft ownership and leasing, located in GIFT City, Gandhinagar. This company has yet to commence operations. The Adani Group has been expanding into the aviation sector, having also created Adani Aviation Fuels Limited in September 2022 for aviation fuel sourcing and trading.