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

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since May 2018, the stock has experienced a consistent decline. Between April 2019 and November 2023, there was a stabilization phase, marked by a double bottom pattern on the weekly chart. A substantial breakout from this pattern occurred, accompanied by notable trading volume. Following the breakout, the stock is currently on an upward trajectory. According to technical analysis, sustaining this momentum may lead to 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.

2. Stock name: Sun TV Network Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

From February 2018 onward, the stock has seen a downward trend. Between May 2019 and August 2023, there was a period of relative stabilization, characterized by the formation of a double bottom pattern on the monthly chart. The stock has seen a breakout from this pattern which is supported by noteworthy trading volume in the month of August 2023. Following the breakout, the stock is presently on an upward trajectory, and technical analysis suggests that maintaining this momentum may lead to further 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.

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News for the day:

1) Major automakers, including Maruti Suzuki, Mahindra & Mahindra, Audi India, Tata Motors, and Mercedes-Benz, plan to raise vehicle prices in January 2024 due to heightened input costs and inflation. The increases, expected to be around 2-3%, vary by model, with Maruti emphasizing a "substantial" hike, and other companies like Tata and Audi also confirming adjustments.

2) HDFC Bank has approved the appointment of former NABARD Chairman Harsh Kumar Bhanwala as an additional independent director, and V Srinivasa Rangan as executive director for three years, pending shareholder approval. Bhanwala's term spans from January 2024 to January 2027. Rangan brings extensive experience in housing finance and the real estate sector.

3) State-owned insurer LIC (Life Insurance Corporation), a promoter of IDBI Bank, plans to retain part of its stake in the bank to sustain benefits from bancassurance, even as the government and LIC divest stakes in IDBI Bank. LIC Chairman Siddhartha Mohanty emphasized that IDBI Bank is their primary bancassurance partner, and they intend to maintain a stake to ensure the partnership continues. The government and LIC jointly aim to sell a 60.7% stake in IDBI Bank, with the transaction facing considerations such as RBI's fit and proper criteria.