1. Stock name: Justdial Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

Between April 2022 and January 2024, the stock exhibited a sideways movement, shaping a cup and handle pattern on its weekly chart. January 2024 witnessed a breakout from this pattern, accompanied by notable trading volume. Presently, the stock is in the midst of a retest at the breakout level. According to technical analysis, a successful rebound from this retest may lead to further upward movement for the stock.

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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.

2. Stock name: Rallis India Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

From June 2021 onwards, the stock exhibited a continuous downward trend. However, between April 2022 and January 2024, it found some stability and formed a double bottom pattern on its weekly chart. The breakthrough from this pattern occurred in January 2024. Despite this positive development, the stock is currently undergoing a significant retest and is trading below the breakout line. The Relative Strength Index (RSI) has cooled down to a favorable level during this period. According to technical analysis, an upward movement may occur if the stock successfully rebounds from the ongoing retest.

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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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News for the day:

1) HDFC Bank is pursuing a banking license in Singapore to expand its presence overseas, aiming for international growth. The move reflects HDFC Bank's strategic efforts to broaden its operations beyond the domestic market.

2) Cement producers are expected to witness a significant 80-100% surge in profits for the December quarter, according to industry analysts. This surge is attributed to increased demand, higher realization, and lower production costs. The cement sector's positive performance reflects the broader economic recovery and construction activities.

3) The upcoming Budget 2024 in India may unveil FAME III (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) to further promote electric mobility. FAME III is anticipated to include incentives for electric vehicle (EV) manufacturing, charging infrastructure, and push for EV adoption. This aligns with the government's commitment to fostering sustainable and eco-friendly transportation solutions.