1. Stock name: Lakshmi Machine Works Ltd.

Pattern: Cup and handle pattern

Time frame: Monthly

Observation:

Since 2009, the stock has displayed an upward trajectory. Between 2018 and 2023, it developed a bullish cup and handle configuration on its monthly chart. A breakout from this pattern is evident in the July candle, accompanied by higher-than-average trading volumes. The stock has continued its upward movement in August. As per technical analysis, the stock may move further upwards if it is able to sustain this momentum.

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: L&T Technology Services Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

After reaching its peak in January 2022, the stock entered a downward trend until July 2022. Following this, the stock found some stability and adopted a sideways movement. Throughout this phase, the stock shaped a bullish double bottom formation on its daily chart. On August 21, 2023, a breakout from this pattern occurred, accompanied by substantial trading volume. Furthermore, the stock has effectively retested this breakout level and made a successful recovery in the following days. Notably, the MACD line is on the verge of crossing above the baseline, a potential signal. According to technical analysis, if the stock is able to maintain this momentum it may move 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) Jio Financial to be removed from Sensex, other BSE indices from Friday. Since the stock did not hit lower circuits in the last two sessions, the exchange is going ahead with the removal of the stock from the indices.

2) In a historic achievement, UPI surpasses 10 billion transactions in August, marking a significant milestone in the realm of digital payments. NPCI celebrates the accomplishment on 'X', formerly known as Twitter, emphasizing the ongoing transformation of transaction methods.

3) Adani Group stocks drop 2-4% following OCCRP report; Adani Green Energy, Adani Enterprises, Adani Transmission, and Ambuja Cements decline around 4%, while ACC registers a slight uptick. The report alleges Adani family's partners used 'opaque' Mauritius funds for significant investments, resulting in a market cap loss of approximately ₹35,200 crore.