1. Stock name: L&T Technology Services Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since January 2022, the stock has been on a downward trend. Between April 2023 and August 2023, it formed a double bottom pattern and subsequently broke out from it. Following the breakout, the stock initially experienced an upward trend, but it is currently undergoing a retest of that breakout. According to technical analysis, a successful rebound from this retest may result in 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.

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2. Stock name: CRISIL Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

The stock has experienced an upward trajectory during the market's recovery from the COVID-19 crash. This upward movement was more pronounced between December 2022 and June 2023. However, between June 2023 and October 2023, it entered a consolidation phase. Therefore, a flag and pole pattern can be observed on its weekly chart from December 2022 to October 2023. A significant breakout candle with substantial trading volume appeared in October 2023. Furthermore, the MACD indicator exhibited a positive signal. According to technical analysis, if the stock can sustain this momentum, it may see further upward movement.

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) Voltas, a Tata-owned home appliance manufacturer, is reinitiating its plans to produce air-conditioner compressors in India, seeking a partnership with companies from Japan or Korea after a previous proposal with China's Highly International was declined by the government. The company has allocated investments exceeding Rs 1,300 crore for expanding manufacturing capacity and introducing new home appliances.

2) Adani Power is on the verge of acquiring Coastal Energen, a distressed power company, for a sum of ₹3,440 crore. Following two days of competitive bidding, Adani Power secured victory on Saturday evening, with Jindal Power, the other contender, withdrawing from the competition. The attraction to Coastal Energen, currently undergoing corporate insolvency proceedings, stems from its status as one of the few operational power plants available for sale.

3) The Sikkim High Court has temporarily halted a Rs 628 crore GST demand against Delta Corp, a casino and online gaming company, as part of a larger total GST demand of around Rs 23,000 crore. Despite these challenges, the company reported a slight increase in net profit and income from operations for the second quarter of 2023. The Directorate General of GST Intelligence had issued demand notices against the company and its subsidiaries for alleged short payment of GST.