1. Stock name: Indian Oil Corporation Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Since August 2017, the stock has experienced a decline and stabilised in October 2020. During its consolidation phase from October 2020, a double bottom bullish pattern formed on the weekly chart. In first week of July 2023, the stock successfully broke out from this pattern with substantial trading volume. Presently, the stock is undergoing a retest of this breakout, supported by an RSI around 56, signifying robust price strength. As per technical analysis if the stock could rebound from this retest with good momentum, it may move further upwards.

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: Engineers India Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

Since April 2023, the stock's trajectory has been upward. Notably, July 2023 witnessed a substantial surge. In August, there was a consolidation phase, forming a flag and pole pattern on daily charts. On August 22, 2023, the closing revealed a breakout candle accompanied by significant trading volume. As per technical analysis, if the stock is able to maintain this momentum, it may move futher in the upward direction.

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) GIFT IFSC achieves milestone with USD 508 billion banking transactions by July 2023. Total banking assets at USD 41.20 billion, derivatives hit USD 632 billion.

2) India to roll out Bharat NCAP safety ratings for passenger cars starting October 1, aiming to enhance vehicle safety standards. Ministry of Road Transport and Highways initiates Bharat NCAP to raise safety levels for vehicles up to 3.5 tonnes.

3) Glenmark Pharmaceuticals settles drug pricing case with US DOJ, agrees to a three-year deferred prosecution agreement involving historical pricing practices for generic drug pravastatin. Glenmark to pay USD 30 million in installments, aiming for dismissal of pending indictment.