1. Stock name: NCC Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

During the extended consolidation and sideways movement spanning from March 2008 to July 2023, the stock displayed a double bottom pattern on its monthly chart. In July 2023, a breakout candle emerged, accompanied by average trading volumes. According to technical analysis, should the stock maintain this momentum, the stock may show a 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: Axis Bank Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Following the COVID-induced market decline and its recovery, the stock experienced a resurgence, showing an upward trend. From January 2023 to September 2023, the stock demonstrated a period of consolidation, notably forming a bullish cup and handle pattern on its daily charts. On September 13, 2023, a breakout candle emerged, accompanied by higher-than-average trading volumes. Both the daily and weekly Relative Strength Index (RSI) indicators for the stock are in positive territory. Based on technical analysis, if the stock maintains 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.

News for the day:

1) Axis Bank reports stress in personal loans, especially in smaller amounts, and notes concerns about capital expenditure demand, according to Macquarie. The bank's increased stake in Max Life Insurance may result in more board-level involvement. Macquarie values Axis Bank with a sustainable return on assets (ROA) of 1.7%.

2) The RBI mandates that banks return property documents within 30 days of loan repayment, allowing borrowers to choose the branch or the RE office for document retrieval, with clear timelines mentioned in loan sanction letters.

3) Mahindra's Classic Legends plans to invest ₹1,000 crore until FY26 to boost its business and expand in the middle-weight motorcycle market. Additionally, the company is developing an affordable electric motorcycle for the UK, Europe, and other mature markets, set to launch in 2024.