1. Stock name: Housing & Urban Development Corporation Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

From its listing in 2017 until 2020, the stock trended downward; however, a positive shift occurred from April 2020 onward. During this transformation, a cup and handle pattern emerged on the stock's weekly chart spanning from July 2017 to December 2023. In December 2023, a significant breakout from this pattern transpired, supported by substantial trading volume. Additionally, the MACD indicator signalled positively just before the breakout. Based on technical analysis, the stock may see further upward movement if it sustains its current momentum.

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: Hindalco Industries Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Between March and June 2022, the stock experienced a substantial decline, followed by a stabilization period. From May 2022 to November 2023, a double bottom pattern formed on the stock's weekly chart. Towards the end of November 2023, the stock broke out of this pattern. Subsequently, the stock maintained its course in the direction of the breakout. As per technical analysis, if the stock is able to maintain its current momentum, it may continue its 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.

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News for the day:

1) Arvind Fashions, the company behind brands like Arrow and Tommy Hilfiger, plans to eliminate its Rs 300 crore debt and achieve zero debt status within two years. The strategy involves increased cash flow, franchise-based expansion, and a focus on reducing debt. As per the management, the company’s net debt at the end of the September quarter was Rs 476 crore.

2) Bandhan Bank has been granted authority by the Assam government to collect revenue through the e-GRAS portal, simplifying tax and non-tax payments for the people of Assam. The e-GRAS portal, covering 70 departments, saw a total collection of nearly Rs 16,000 crore in the fiscal year 2022-23, with Bandhan Bank operating in all 35 districts of Assam.

3) Sony and Zee are set to engage in good-faith negotiations to extend the December 21, 2023, deadline for the SPNI/ZEE merger, as confirmed by a ZEEL notice triggering contractual provisions allowing discussions to prolong the deadline. The move follows Zee's acknowledgment that it cannot meet the original closing date for the merger.