1. Stock name: Hero MotoCorp Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Beginning in February 2021, the stock has experienced a decline, followed by a phase of consolidation from April 2022, leading to a sideways trend. Within this timeframe, a bullish double bottom pattern has emerged on the weekly chart. The first week of July 2023 witnessed a breakout from this pattern, accompanied by significant trading volumes. Currently, the stock is in the process of retesting this breakout level, while the RSI stands at approximately 65, indicating robust price movement. According to technical analysis, a successful rebound from the retest may drive the stock's 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.

--------------------------------------------------

2. Stock name: H.E.G. Ltd.

Pattern: Flag and pole pattern and retest

Time frame: Daily

Observation:

Since April 2023, the stock has displayed upward momentum, particularly in June 2023 when a significant surge occurred on daily charts. Subsequent to June 20th, 2023, the stock's prices entered a consolidation phase, forming a flag and pole pattern on the daily chart. A breakout candle emerged from this pattern on July 31st, 2023, accompanied by substantial trading volumes. Currently, the stock is undergoing a retest of its breakout level, while the RSI indicator hovers around 60, indicating a robust price strength. As per technical analysis, a successful rebound from the retest may propel the stock's further upward movement.

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) HCL Tech clinches a $2.1 billion Verizon deal, a move that aligns with the prevailing trend of significant IT providers pursuing substantial agreements amid macroeconomic uncertainties in the US and Europe. This strategy reflects the companies' efforts to enhance cost efficiencies and streamline vendor partnerships.

2) Following the imposition of import restrictions on laptops, the government is reportedly considering similar curbs on cameras, printers, and other items like urea, antibiotics, and solar cells. A review is underway for potential licensing requirements on various products, as part of a broader strategy to regulate imports and prioritize domestic industries.

3) SBI Card collaborates with the National Payments Corporation of India to integrate RuPay credit cards with UPI, enabling SBI Card customers to conduct UPI transactions through their RuPay-based credit cards via third-party UPI apps. This partnership enhances transaction options for users and expands the utility of RuPay credit cards.