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

Pattern: Cup and handle and retest

Time frame: Weekly

Observation:

Since its recovery after COVID, the stock surged upward until June 2021. Subsequently, it entered a sideways phase, during which a bullish cup and handle pattern formed on the weekly chart. A breakout candle emerged in the first week of May 2023, followed by a successful retest and rebound, driving the stock's upward movement. Presently, the stock's RSI hovers around 67, and there's a chance of another retest. According to technical analysis, if the stock is able to successfully bounce back from this retest and maintain its momentum it may move further upward.

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: Hindustan Petroleum Corporation Ltd.

Pattern: Double bottom and retest

Time frame: Weekly

Observation:

Following a solid recovery from the pandemic setback, the stock exhibited positive momentum until November 2021. Subsequently, it entered a downward trajectory until June 2022, undergoing a phase of price consolidation and sideways movement. During this period, a double bottom pattern emerged on the weekly chart. Around the second or third week of June 2023, the stock broke out from this pattern, initiating an upward trend. Currently, the stock is in the process of retesting the pattern, while its Relative Strength Index (RSI) has stabilized around the 50 mark. According to technical analysis, the stock may move in an upward direction if it is successful in rebounding from this retest.

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) L&T Construction's Buildings & Factories Business clinches contracts worth Rs 1,000 to Rs 2,500 crore, including building India's latest international cricket stadium in Varanasi with 30,000 seats meeting ICC standards. Additionally, the company secures an order to construct 7-story Hi Tech IT Parks across 4 locations in Bangladesh, spanning 1.2 million Sqft.

2) Following Deloitte's departure due to disagreements over transactions, Adani Ports & SEZ (APSEZ) turns to MSKA Associates (BDO) as the new statutory auditor until the 2024 annual general meeting, marking another audit change amidst a series of shifts within Adani Group companies.

3) NCLT's approval for the Zee-Sony merger has been secured, yet leadership ambiguity remains due to Sebi's interim order. The merged entity's composition includes 75 channels, two OTT platforms, and a diversified genre presence, positioning it as the second-largest entertainment network after Disney Star. This consolidation follows Zee and Sony's definitive agreement in 2021, encompassing TV networks, digital assets, products, and program libraries.