1. Stock name: Gujarat Pipavav Port Ltd.

Pattern: Double bottom pattern and retest

Time frame: Monthly

Observation:

Since April 2015, the stock experienced a downtrend, followed by price consolidation post-COVID. During this phase, a bullish double bottom pattern formed on the monthly charts. The breakout from this pattern occurred in June 2023 with substantial trading volumes. The stock is presently undergoing a retest of the breakout level. RSI of the stock is around 60 which shows strength in the price movement. As per technical analysis, if the stock is able to maintain and rebound from this level it may move further upwards.

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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: Bharat Forge Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Initially, the stock faced a decline prior to and during the COVID era, but it subsequently displayed a robust upward trajectory. Following a period of consolidation after July 2021, a bullish cup and handle formation emerged on the daily chart. On 9th August 2023, a significant upward surge accompanied by substantial trading volumes propelled the daily candle above the resistance of the pattern. Currently, the stock is in the process of retesting this breakout level. As per technical analysis, if the stock maintain its momentum and recover from this retest, it may move further in upward trend.

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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