1. Stock name: NOCIL Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since October 2021, the stock has been in a persistent downtrend until it stabilized around February 2023, transitioning into a sideways trajectory. During this phase, a double bottom pattern emerged on the daily charts. A significant breakout candle emerged from this pattern on September 5th, 2023, accompanied by substantial trading volume. Following the breakout, the stock experienced a modest upwards movement in subsequent sessions, but it is currently in the process of retesting the breakout level. With an RSI of around 57, indicating strength and potential for upward movement, technical analysis suggests that if the stock successfully rebounds from this retest, it may continue on an 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: Gujarat Gas Ltd.

Pattern: Symmetrical triangle pattern

Time frame: Weekly

Observation:

After reaching its all-time high, the stock has been on a downward trajectory since August 2021, persisting until June 2022. Following this decline, the stock underwent a phase of price consolidation, adopting a sideways movement. Between May 2022 and September 2023, the stock exhibited the formation of a symmetrical triangle pattern in its weekly charts. A noticeable breakout in the downward direction occurred during the second week of September 2023, accompanied by average trading volumes. According to technical analysis, it may continue its descent if the stock maintains this breakout and sustains its downside momentum.

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) Vodafone Idea has refuted rumors of acquisition talks with Verizon, Amazon, or Starlink, despite a recent 20% surge in its stock price driven by takeover speculations. The company stated that it is not currently in discussions with these US corporations.

2) Ashok Leyland, part of the Hinduja Group, will invest Rs 1000 crore in a new facility in Uttar Pradesh to manufacture electric buses. The plant will initially produce 2500 buses annually, with potential for expansion to 5000 vehicles per year in the coming decade, and the state government has pledged support for the sale of these electric buses for the next five years through Ashok Leyland's subsidiary, Switch Mobility.

3) Dhanlaxmi Bank's independent director, Sridhar Kalyanasundaram, has resigned, citing disagreements with fellow board members, particularly concerning a rights issue of shares. In his resignation letter, he expressed concerns about the lack of support from other directors and their perceived lack of in-depth banking knowledge.