1. Stock name: C.E. Info Systems Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

After its December 2021 listing on the NSE, the stock initially experienced a downward trend, followed by an upward trajectory. From January 2022 to September 2023, it formed a rounding bottom pattern on its weekly chart. In September 2023, the stock broke out from this pattern, accompanied by significant trading volume. Subsequently, it continued to rise. According to technical analysis, should the stock sustain its current momentum, it has the potential for further upward movement.

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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: Gujarat Narmada Valley Fertilizers and Chemicals Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Since April 2022, the stock has experienced a declining trend. However, between November 2022 and October 2023, it exhibited sideways pattern and formed a double bottom pattern on its daily chart. On October 30, 2023, the stock broke out from this pattern with substantial trading volume. Following the breakout, the stock has been on an upward trajectory. According to technical analysis, if the stock maintains this momentum, it has the potential to continue its 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) Adani Total Gas Ltd (ATGL) saw a 7.5% rise in Q2 of FY 2023-2024 net profit to ₹173 crore due to increased volumes. However, total income dipped by nearly 1% to ₹1,188 crore because of reduced gas costs following a government-approved pricing formula change in April 2023. Total expenses for the quarter were ₹964 crore, down from ₹1,013 crore the previous year.

2) L&T is venturing into fabless semiconductor chip design with a ₹830 crore investment to establish a wholly-owned subsidiary, as confirmed by L&T's CFO, R Shankar Raman.

3) Effective from November 1, the Indian government has hiked the windfall tax on domestically produced petroleum crude to Rs 9,800 per tonne, while eliminating the windfall tax on aviation turbine fuel (previously Re 1 per litre) and reducing the windfall tax on diesel to Rs 2 per litre (formerly Rs 4 per litre).