1. Stock name: Hindustan Copper Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

After experiencing an upward trend, the stock has demonstrated stability since May 2021. Notably, between May 2021 and November 2023, a cup and handle pattern has materialized on the stock's weekly chart. Anticipation of a breakout from this pattern is high if the stock maintains its current position until the week concludes. Trading volume accompanying the week's candle, already surpassing the average, gives good support to this potential breakout. Additionally, the MACD indicator has also given a positive signal on the breakout candle. According to technical analysis, sustained momentum in the price movement may propel the stock 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.

2. Stock name: Coal India Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since August 2015, the stock has been consistently moving in a downward direction. Notably, between June 2019 and September 2023, a cup and handle pattern manifested on the stock's weekly chart. The start of September 2023 witnessed a breakout from this pattern, supported by a substantial surge in trading volume. Post-breakout, the stock has maintained its upward trajectory. As per technical analysis, if the stock can sustain this momentum, it may see further upward movement in the future.

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) JSW Group and SAIC Motor have entered a joint venture (JV) to oversee MG Motor's operations in India, with JSW holding a 35% stake. The collaboration aims to grow MG Motor in India, focusing on green mobility solutions and comes amidst increased scrutiny by the Indian government on Chinese investments amid border tensions.

2) UltraTech, part of Aditya Birla Group, is set to acquire Kesoram Industries' cement business in an all-stock deal valued at around ₹7,600 crore, providing UltraTech with a strategic expansion into the competitive western and southern markets of India. The acquisition includes two integrated cement manufacturing units in Karnataka and Telangana, enhancing UltraTech's overall production capacity to 10.75 million tonnes per annum.

3) The Indian government has reduced the windfall gains tax on crude oil from Rs 6,300 per tonne to Rs 5,000 per tonne. This adjustment, reviewed fortnightly based on average oil prices, follows a previous reduction from Rs 9,800 per tonne to Rs 6,300 per tonne on November 16.