1. Stock name: Intellect Design Arena Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since April 2022, the stock has been on a downward trajectory. Between July 2022 and November 2023, there was a period of stabilization, during which a cup and handle pattern formed on the weekly chart. Towards the end of November 2023, the stock experienced a breakout from the pattern, accompanied by above-average trading volume and a positive signal from the MACD indicator. Following the breakout, the stock shifted in an upward direction. According to the technical analysis, if the stock can sustain its upward movement, 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: Lupin Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

Since October 2015, the stock has exhibited a declining trend. Between May 2017 and November 2023, a double bottom pattern emerged on the monthly chart. The stock experienced a breakout in November 2023, backed by above-average trading volume. Following the breakout, the stock shifted in an upward direction. According to technical analysis, the potential for continued upward movement exists if the stock can maintain the momentum from the breakout.

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) The government plans to build 6,000 km of electric vehicle-ready highways on the Golden Quadrilateral in the next seven years, aiming to accelerate e-mobility and support electric bus deployment. The initiative is part of Vision 2030: PM Public Transport Sewa and aims to replace 800,000 old diesel buses with electric ones by 2030. The e-highways will boost charging infrastructure, encouraging electric vehicle adoption for daily commuting and aligning with efforts to reduce logistics costs and emissions in line with COP28 guidelines.

2) Airtel Business, the B2B division of Bharti Airtel, will provide connectivity for over 20 million smart meters for Adani Energy Solutions Ltd (AESL). Utilizing Airtel's nationwide communications network, the smart metering solutions will ensure real-time connectivity, uninterrupted data transfer, and advanced analytics through Airtel's IoT platform, enhancing control over energy consumption.

3) The Reserve Bank of India has approved Power Finance Corporation (PFC) to establish a wholly-owned finance subsidiary in Gujarat's GIFT City's International Financial Services Centre (IFSC), opening up new global business opportunities and supporting the growth of the power sector, according to PFC Chairman Parminder Chopra. PFC operates as an infrastructure finance company under the Ministry of Power.