1. Stock name: L&T Finance Holdings Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

Starting roughly in September 2017, the stock has entered a downward trend. Following a dip during the COVID-induced market crash, the stock stabilized and entered a phase of sideways movement. During this interval, a bullish double bottom formation emerged on the weekly charts. In June 2023, the stock effectively broke out from this pattern, supported by significant trading volumes. Subsequently, it experienced a modest ascent before undergoing a retest of this breakout level. Presently, the Relative Strength Index (RSI) hovers around a robust value of 63. According to technical analysis, if the stock is successfully in bouncing back from this retest, it may move further upwards.

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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: KSB Ltd.

Pattern: Flag and pole pattern and retest

Time frame: Daily

Observation:

Following the COVID-induced market crash, the stock rebounded and moved in an upward trajectory. We can observe a notable and swift surge between July 14th and August 3rd, 2023. Subsequently, a brief consolidation led to the formation of a flag and pole pattern on daily charts. This pattern was breached on August 30th, 2023, marked by robust trading volume. Currently the stock is retesting this breakout level. According to technical analysis, if the stock is able to sustain this breakout level and bounce back with enough momentum, it may move further in an upward 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) YES Bank has implemented UPI interoperability on the CBDC app, facilitating smooth scanning of UPI QR codes through the Digital Rupee app. This advancement seeks to broaden the Digital Rupee's reach and emphasize YES Bank's dedication to digital progress.

2) IT Minister Ashwini Vaishnaw has revealed a strong industry response to the hardware PLI scheme, with major companies like Lenovo, HP, Dell, and Acer among the 32 applicants aiming to enhance the domestic manufacturing of laptops, tablets, and more. Notably, Apple has chosen not to participate in the scheme.

3) Tata Power's subsidiary will establish a 4.4 MW solar venture for ANAND Group, projected to produce 10 million units of clean energy yearly and reduce 5,500 tons of carbon emissions, underlining Tata Power's dedication to sustainability. The power delivery agreement (PDA) for 4.4 MW AC has been signed between Tata Power Renewable Energy Limited (TPREL) and ANAND Group.