1. Stock name: National Aluminium Co. Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Since September 2022, the stock has been on an upward trajectory, but in the period from August 2023 to October 2023, it formed a double top pattern on its daily chart. On October 23, 2023, the stock broke out from this pattern with significant trading volume, subsequently moving downward. Presently, the stock is retesting this breakout level. The RSI stands at 49, suggesting potential for further declines. According to technical analysis, if the stock successfully bounces back from the retest, it might continue its downward 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: Ingersoll Rand (India) Ltd.

Pattern: Head and shoulder pattern

Time frame: Daily

Observation:

The stock has displayed an upward trend, but between May and October 2023, it formed a head and shoulder pattern on its daily charts. On October 26, 2023, the stock broke out of this pattern with average trading volume, and it has since been on a downward trajectory. The stock's RSI is currently at a low level of 41, indicating potential for further declines. Additionally, the MACD indicator is signaling a bearish outlook. Based on technical analysis, if the current momentum persists, the stock may continue its downward 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) Provident Housing is in discussions with HDFC Capital to secure over Rs 1,000 crore in equity funding for constructing mid-income homes in southern markets like Bangalore, Chennai, and Hyderabad, as well as for expanding into new markets.

2) Tata Motors is partnering with Jaguar Land Rover to develop its premium electric vehicle series, Avinya, using JLR's platform in exchange for a royalty fee. This collaboration is expected to create over 200 jobs in the UK. Avinya aims to set new global standards for efficiency and range with advanced technology and AI.

3) HDFC Bank has provided a Rs 2,000 crore loan to Vodafone Idea (Vi), aiding the telecom company in settling its outstanding license fees and 5G spectrum payment obligations. Vi is also in talks with potential investors for additional equity funding.