1. Stock name: Mazagoan Dock Shipbuilders Ltd.

Pattern: Flag and pole pattern and retest

Time frame: Weekly

Observation:

Following its October 2020 debut, the stock remained in a sideways pattern until nearly August 2022, at which point it commenced an upward trajectory. Notably, in June and July 2023, the stock witnessed significant price surges. During August 2023, prices temporarily consolidated, forming a flag and pole pattern on the weekly chart. In the initial week of September, a breakout candle accompanied by substantial trading volume materialized on the chart. Presently, the stock is in the process of retesting the breakout level. According to technical analysis, maintaining this breakout and sustaining momentum may bring the stock further upward.

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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: Mahindra Logistics Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Since January 2022, the stock has experienced a consistent downward trend, which persisted until February 2023. Subsequently, the stock entered a period of sideways movement, during which it shaped a bullish double bottom pattern on its daily chart. On September 11, 2023, there was a noticeable breakout from this pattern, accompanied by substantial trading volume. At present, the stock is undergoing a retest of this breakout point. According to technical analysis, if the stock successfully maintains this breakout and continues with its current momentum, it may ascend further.

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) Tata Power's subsidiary, TP Solar, secured $425 million from the US International Development Finance Corporation (DFC). This funding will support India's renewable energy manufacturing and clean energy ambitions, with production at their 4.3 GW solar cell and module plant in Tamil Nadu starting by year-end. It's a significant move towards India's green energy leadership.

2) Global investment firm KKR is injecting ₹2,069.5 crore into Reliance Retail Ventures, elevating its equity stake to 1.42% and pushing RRVL's valuation to approximately ₹8.36 lakh crore. The funding will support RRVL's expansion, debt reduction, and preparations for its upcoming initial public offering.

2) Vedanta Resources is in talks to prolong the maturity of its shorter-term bonds by three years, while acknowledging limited cash availability in its liability management exercise. To raise funds, the company plans to pay $200 million to Trafigura in exchange for the securitization of brand fees.