1. Stock name: K.P.R. Mill Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

Following the market's rebound from the COVID-induced crash, the stock displayed an upward trend from April 2020 to January 2022. Subsequently, between January 2022 and October 2023, a rounding bottom pattern emerged on the stock's weekly chart. During the month of October 2023, a breakout candle coupled with significant volume, is now evident. In accordance with technical analysis, should the stock sustain its post-breakout momentum, it may continue its 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.

--------------------------------------------------

2. Stock name: Karur Vysya Bank Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

Between September 2017 and March 2020, the stock experienced a downward trend, followed by a subsequent upmove. Recently, it has reached the same price level as in September 2017, marking a return to that point. This period also saw the formation of a rounding bottom pattern on the stock's weekly chart. In October 2023, a breakout candle, accompanied by substantial trading volume, became noticeable. According to technical analysis, maintaining this momentum post-breakout may propel the stock on 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.

News for the day:

1) Indian banks have disbursed Rs 1,400 crore in loans via the 'frictionless credit' platform introduced by the RBI in August. This platform streamlines retail loan disbursement by consolidating borrower data. Additionally, around 20,000 Central Bank Digital Currency (CBDC) transactions occur daily. The RBI is considering piloting CBDC use in the call money market. The CBDC units will count toward the statutory liquidity ratio, not the cash reserve ratio.

2) Jammu & Kashmir Power Corporation Ltd (JKPCL) and Rajasthan Urja Vidyut Nigam Limited (RUVNL) have agreed to purchase a total of 1,100 MW of power from SJVN Ltd at a tariff of Rs 2.57/kWh. This power will also be offered to beneficiaries in the northern region from a 1,000 MW solar PV station developed by SJVN.

3) The National Company Law Tribunal (NCLT) has approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd, as well as six other subsidiaries. This merger, announced in a regulatory filing, is expected to be finalized in 2023-24 and includes companies like The Tinplate Company of India, Tata Metaliks, and others.