1. Stock name: Indiamart Intermesh Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock had started moving downwards from February 2021. From July 2022, it stabilised a little and formed a bullish cup and handle pattern on the weekly charts. The stock has also seen a breakout in the third week of July 2023, along with substantial trading volumes. Currently, the stock is undergoing a retest of this breakout. RSI of the stock is around 65, indicative of robust price movement. As per technical analysis, if the stock is able to bounce back along with good price momentum from here, it may move 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.

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2. Stock name: Indiabulls Housing Finance Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since February 2018, the stock has experienced a continuous decline. From May 2022 onwards, there has been a noticeable stabilization with the stock adopting a sideways pattern. During this period we can also observe a bullish double bottom pattern on the daily charts, with in a breakout on August 3rd, 2023, accompanied by significant trading volumes. The stock is presently in the process of retesting this breakout level. RSI of the stock is at around 60 showing good strength in price movement. As per technical analysis, if the stock is successful at recovery from this retest it may move in an 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.

News for the day:

1) Canara Bank has launched the UPI Interoperable Digital Rupee mobile app, a pioneering move within the Reserve Bank of India's CBDC pilot project. This step enables users to conduct secure digital currency transactions via UPI QR codes, streamlining merchant payments. The app is accessible on Android and iOS, aiming to accelerate the adoption of digital currency in India.

2) IIFL Home Finance Ltd (IIFL HFL) has successfully acquired a $100 million loan from the International Finance Corporation (IFC). This funding will be split, with 50% directed towards supporting housing finance for women borrowers and the remaining portion dedicated to financing eco-friendly housing for underserved buyers. This initiative aims to promote gender inclusivity and sustainable housing practices.

3) Larsen & Toubro's energy hydrocarbon division has secured a contract from the Saipem & Clough JV (SCJV) in Australia for process and pipe rack modules for a 2.3 million metric tons per annum urea plant, valued between ₹1,000 crore and ₹2,500 crore. The project, situated on the Burrup Peninsula in Western Australia, will be one of the world's largest urea plants. Besides, L&T Heavy Engineering also secured multiple orders for the complete package of urea equipment for the same project.