1. Stock name: Motilal Oswal Financial Services Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

The stock has been on a downward trend since January 2018 but recently exhibited upward movement from March 2023. Between May 2018 and October 2023, it formed a double bottom pattern on monthly charts. In October 2023, the stock broke out of this pattern with above-average trading volume. Currently, the stock is aligning with the breakout direction and moving in an upward direction. As per technical analysis, if the stock is able to maintain its current momentum, it may continue its upward trajectory.

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: Godrej Properties Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Experiencing a decline since October 2021, the stock underwent a stabilization phase from April 2022 to October 2023, forming a cup and handle pattern on its weekly charts. Towards the end of October 2023, the stock successfully broke out from this pattern with substantial trading volume. Following the breakout, the stock has maintained its upward trajectory, supported by a positive signal from the MACD indicator. According to technical analysis, if the stock is able to maintain its current momentum, it may see continuation of 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) Tata Motors has re-entered the Thailand market, appointing Inchcape Plc as its distributor for commercial vehicles after a three-year hiatus. Inchcape will initially offer models such as Tata Super Ace and Tata Prima 5038.S, establishing 13 customer touchpoints for sales, service, and spare parts.

2) SBI has appointed Vinay Tonse as its fourth MD, assigning him responsibilities for retail banking and operations. Alok Choudhary, the former MD of retail banking, will now oversee risk, compliance, and the stressed assets resolution group, as part of a top-level reshuffling by SBI chairman Dinesh Kumar Khara. Tonse's appointment comes after the government's notification on Tuesday morning.

3) Bharti Airtel-backed OneWeb has received regulatory approval from IN-SPACe to launch commercial broadband services in India, making it the first entity in the country to obtain such clearance. The low earth orbit satellite firm, now merged with France's Eutelsat, is set to offer satellite communication services in the Indian market.