1. Stock name: Hindustan Copper Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Following a recovery from the Covid setback, the stock encountered a downtrend starting May 2021 until stabilizing around June 2022. Notably, a bullish double bottom pattern emerged on the daily chart, which was followed by a significant gap up breakaway from the pattern on July 31, 2023. Although the stock initially moved in upward direction post-breakout, it has presently retraced a little. The stock's RSI has reduced from its over-bought zone to around 55. Based on technical analysis, the stock may move further upwards if it is successful in making a rebound from this retest.

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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: Birla Corporation Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

After reaching its peak in January 2022, the stock underwent a decline but found stability and consolidation by June 2022. Subsequently, the stock displayed a bullish double bottom pattern on its weekly charts and experienced a substantial breakout with strong trading volume towards the end of May 2023. Although the stock initially moved upwards, it is currently undergoing a retest. According to technical analysis, a successful rebound from this retest may move the stock in further upward direction.

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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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