1. Stock name: Hindustan Petroleum Corporation Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since August 2017, the stock has been on a downward trajectory and has seen improvement only in the year 2023. Between July 2019 and December 2023, it established a double bottom pattern on weekly charts. In December 2023, the stock broke out from this pattern, accompanied by above-average trading volumes. After the breakout, the stock has maintained its upward momentum. According to technical analysis, the stock may see further upward movement if the stock can sustain this breakout momentum.

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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: UTI Asset Management Company Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since June 2022, the stock has been exhibiting a sideways trend. Between January 2023 and November 2023, it shaped a cup and handle pattern on its weekly chart, experiencing a breakout towards the end of November with above-average trading volume. Following the breakout, the stock has demonstrated an upward trajectory. The RSI is at a favorable level, and the MACD indicator provided a positive signal just before the breakout. According to technical analysis, the stock may see a further upward movement if it can sustain its current momentum.

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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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News for the day:

1) Canara Bank shares surged 3% to Rs 446.65 following the announcement of its intention to launch an IPO for its mutual fund subsidiary, Canara Robeco Asset Management Company. The PSU lender aims to list Canara Robeco AMC, with the decision on modalities to be determined later, potentially making it the fifth listed asset management company in India.

2) Tata Motors has clinched a significant order from the Uttar Pradesh State Road Transport Corporation (UPSRTC) for 1,350 units of its Tata LPO 1618 diesel bus chassis, designed for intercity and long-distance travel with compliance to BS6 emission standards. The order, secured through a competitive e-bidding process, underscores Tata Motors' commitment to enhancing public transport efficiency, according to Rohit Srivastava, Vice President & Business Head, CV Passengers, Tata Motors.

3) L&T's construction arm has secured a significant order worth over Rs 5,000 crore for the turnkey engineering, procurement, and construction of a renewable energy system, including a 250MWp Solar PV plant and >700MWh Battery Energy Storage System, as part of the Amaala project in Saudi Arabia's Red Sea region. The project aligns with L&T's commitment to sustainable practices and aims to create a regenerative impact on the environment in the ultra-luxury destination of Amaala.