1. Stock name: The New India Assurance Company Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since its introduction on NSE on November 13, 2017, this stock has experienced a decline. In recent times, it has undergone a period of consolidation, with a notable development from February 2022 to September 2023. During this period a double bottom pattern can be observed on its weekly chart. This pattern was concluded with a breakout candle in September 2023 accompanied by significant trading volume. Presently, the stock is in the process of retesting this breakout level. The stock's RSI, as indicated on the weekly chart, reflects strength at around the 63 level. Based on technical analysis, should the stock successfully rebound from this retest, it may move in an upward trajectory.

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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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1. Stock name: Tech Mahindra Ltd.

Pattern: Head and shoulder pattern

Time frame: Daily

Observation:

Starting from late April 2023, the stock embarked on a notable upward trend, which persisted until mid-September 2023. Towards the end of this period, the stock exhibited signs of slowing down and appeared to enter a consolidation phase. Notably, between August 4, 2023, and October 12, 2023, a head and shoulder pattern took shape on the stock's daily chart, reaching its culmination with the breakout candle on October 12, 2023, accompanied by slightly above-average trading volume. According to technical analysis, should the stock maintain this momentum, a further downward movement may be anticipated.

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) Jaguar Land Rover (JLR) India achieved its best-ever H1 performance, with sales surging to 2,356 units, marking a significant growth from 1,194 units in the same period last year. The growth was primarily driven by a 108% year-on-year increase in sales during the second quarter, with Defender being the top-selling model, and the certified pre-owned business also showing an 83% rise in the first half of the fiscal year.

2) The Reserve Bank of India has fined Paytm Payments Bank Rs 5.39 crore for non-compliance with various regulatory guidelines, including lapses in customer identification. The penalties were related to violations of licensing guidelines, delayed reporting of cybersecurity incidents, and the lack of security in mobile banking applications, including the UPI ecosystem.

3) HCL Technologies announced Q2 results with a 7% year-on-year increase in profit to Rs 3,489 crore, surpassing expectations. The company also raised its revenue growth guidance for FY23 to 13.5-14.5% in constant currency, up from the previous projection of 12-14%.