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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: Jindal Steel & Power Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Following a recovery from COVID lows, the stock surged until April 2022. The stock consolidated from there onwards and moved in a sideways pattern. It has formed a bullish cup and handle pattern on its weekly charts. A breakout from this pattern occurred in late July 2023. Presently, the stock is undergoing a retest of this breakout level. RSI of the stock is approximately at 58 which shows solid price momentum. As per technical analysis, if the stock is successful in rebounding from retest coupled with substantial trading volume, it may move further 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.
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2. Stock name: JSW Steel Ltd.
Pattern: Flag and pole pattern and retest
Time frame: Monthly
Observation:
After rebounding from COVID-related lows, the stock surged sharply until April 2021. Subsequently, it underwent consolidation until June 2023, forming a flag and pole pattern on the monthly charts. June 2023 witnessed a breakout candle, followed by a July 2023 candle that exceeded the breakout line, both backed by substantial trading volumes. Currently in August 2023, the stock is in the process of retesting its breakout level. Notably, the stock's RSI sits around 60, indicating robust price momentum, and its MACD line has recently crossed the baseline. According to technical analysis, a successful recovery during this retest accompanied by strong momentum may lead the stock in further upward movement.
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) Vi is on the verge of securing crucial funding as multiple potential investors have submitted term sheets, with one seeking government support, according to CEO Akshaya Moondra. The telecom company's plans to raise ₹65,000 crore over four years for its capex initiative are progressing.
2) RIL considers selling 8-10% more stake in RRVL to raise funds for expansion and debt reduction before IPO. The move aims to adjust RRVL's valuation and make the IPO more feasible by diluting 7-10% equity, with the proceeds allocated for store growth and debt relief.
3) Reliance Commercial Finance, a subsidiary of Authum Investment & Infrastructure, is injecting ₹1,043 crore into Anil Ambani group firms Reliance Infrastructure and Reliance Power, securing an 11% stake in the former and 2% in the latter.