1. Stock name: IndusInd Bank Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since February 2021, the stock has maintained a sideways trend. During the period October 2021 to May 2023 the stock has shaped a cup and handle pattern on its weekly charts. In May 2023, the stock successfully broke out from this pattern. The stock has been moving in the direction of the breakout in a steady fashion. The RSI (Relative Strength Index) for the stock is currently at a favorable level. According to technical analysis, a sustained momentum gain at this point may potentially drive further upward movement.

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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: IDFC First Bank Ltd.

Pattern: Double bottom pattern and retest

Time frame: Monthly

Observation:

Over the period from October 2016 to March 2020, the stock experienced a notable downward trend, which was followed by a gradual recovery. During the recovery phase, the stock exhibited a period of sideways movement and, between April 2019 and June 2023, formed a double bottom pattern on its monthly charts. This pattern was eventually breached in June 2023, and the stock surged past its previous peak. Presently, the stock is in the midst of retesting this breakout, with the previous high potentially serving as a support level. According to technical analysis, a successful rebound from this retest may see further upward movement.

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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.

News for the day:

1) The Securities Appellate Tribunal (SAT) lifted the ban on Zee's Punit Goenka, allowing him to retain leadership roles in Zee and expedite the merger with Sony's Culver Max Entertainment. This decision may face a challenge from the capital markets regulator in the Supreme Court.

2) Tata Motors has been awarded a Rs 766 crore arbitration win in the Nano-Singur case against WBIDC, though the state agency may consider applying to set aside the award. This dispute relates to the Nano car plant in West Bengal, which was halted due to land acquisition protests.

3) Standard Chartered Bank has executed the first Overseas Derivative Instrument (ODI) transaction in India's GIFT City, taking advantage of the government's tax exemption for non-resident investors' income in the financial hub. The bank conducted a $5 million ODI transaction through its GIFT City branch.