1. Stock name: JSW Energy Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

Since October 2021, the stock has been trading sideways. Between November 2022 and September 2023, it formed a cup and handle pattern on its daily chart. A breakout from this pattern occurred with significant trading volume support. Initially, the stock moved upwards after the breakout, but it is currently retesting the breakout level. The RSI of the stock has declined and has ample room for upward movement. According to technical analysis, if the stock can recover from the retest and gain momentum, it has the potential to continue moving upward.

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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: Archean Chemical Industries Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

From August 2023 onwards, the stock experienced a swift upward trend. Between August 24th and October 31st, 2023, it exhibited a double top pattern on its weekly chart. On October 31, 2023, the stock broke out of this pattern, and the breakout was accompanied by higher-than-average trading volume. The stock is currently following the breakout's direction, and based on technical analysis, if it can sustain this momentum, it may continue to move in a downward 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) Kotak Mahindra Bank is selling a 51% stake in Kotak General Insurance to Zurich Insurance for Rs 4,051 crore, with the potential for Zurich to acquire an additional 19% stake within three years. The deal, the largest investment by a global insurer in an Indian non-life insurer, is expected to be completed by June 30, 2024, and will transform the Indian general insurance sector with innovation and expertise.

2) JK Tyre & Industries is set to invest Rs 1,025 crore to expand its production capacity by 20% by October 2025 to meet the rising demand for tires in the domestic automotive market. The company reported a nearly five-fold increase in its consolidated net profit for the second quarter, driven by operational efficiencies, product premiumization, and favorable raw material prices.

3) Tata Power has appointed Deepesh Nanda as the President of Renewables and CEO & MD of Tata Power Renewable Energy Limited (TPREL), effective from November 1, 2023. Nanda takes over from Ashish Khanna, who will assume the role of President of the Generation Business.