1. Stock name: JM Financial Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Experiencing a substantial decline since 2017, the stock found stability post-February 2020. Between February 2020 and January 2024, a double bottom pattern emerged on the weekly chart. The stock broke out from this pattern during the second last week of January 2024. Currently, in the last week's trading, the stock is undergoing a retest of the breakout. According to technical analysis, if the stock is able to sustain the breakout momentum and complete the rebound successfully from the retest, it may move further upward.

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: HDFC Life Insurance Company Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

The stock experienced a significant upward movement from March 2023, stabilizing thereafter until June 2023. Between June 2023 and January 2024, it formed a double top pattern on the weekly chart. January 2024 witnessed a breakout from this pattern, accompanied by a substantial increase in trading volume. Post-breakout, the stock is currently on a downward trajectory, with the Relative Strength Index (RSI) also indicating a low level. Technical analysis suggests that if the current momentum persists, the stock may continue its descent.

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) JSW Energy has decided to postpone its solar panel manufacturing plan. The company has put the project on hold, signaling a shift in its renewable energy strategy. The decision comes amid evolving dynamics in the renewable energy sector.

2) Macrotech Developers plans to launch 11 projects in the March quarter, anticipating a revenue potential of Rs 6,260 crore. The real estate company aims to tap into the housing demand with these upcoming projects. Macrotech Developers is focusing on residential and commercial segments to boost its revenue in the real estate sector.

3) In a setback for companies like HUL, Nestle, and Patanjali, the High Court upholds anti-profiteering provisions under GST. The ruling supports the measures aimed at preventing companies from retaining the benefits of reduced taxes without passing them on to consumers. This decision reinforces the anti-profiteering framework within the Goods and Services Tax (GST) regime.