1. Stock name: Oberoi Realty Ltd.

Pattern: Flag and pole pattern

Time frame: Monthly

Observation:

Following the post-COVID market crash recovery, the stock experienced a notable upswing until September 2021. Subsequently, from September 2021 to July 2023, the stock underwent a consolidation phase, resulting in the formation of a flag and pole pattern on its monthly charts. In July 2023, an identifiable breakout candle emerged, accompanied by trading volumes within the average range. Over the subsequent two months, the stock continued to move in the direction of the breakout. According to technical analysis, if the stock manages to sustain this momentum, it may continue its 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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2. Stock name: NTPC Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since January 2008, the stock displayed a persistent downtrend until February 2021. However, from February 2021, it embarked on a notable recovery trajectory. During this progression, the stock distinctly shaped a rounding bottom pattern on its monthly charts. A significant breakout from this pattern became apparent with the candle of July. Notably, the volume associated with this breakout candle surpassed the average. Following this breakthrough, the stock sustained its upward trajectory for the subsequent two months. According to technical analysis, if this momentum continues, the stock may advance further upwards.

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) A diplomatic clash between India and Canada, stemming from the murder of Hardeep Singh Nijjar, could jeopardize their ongoing economic relationship, potentially affecting billions in investments, particularly in education and pension fund holdings, while trade remains relatively unaffected.

2) In response to increased scrutiny from G7 nations regarding the origin of rough diamonds, Indian diamond exporters are turning to China to boost sales at the Hong Kong Jewellery & Gem Fair from September 20-24, aiming to clear inventories and maintain their significant foreign exchange earnings. China's recent slowdown in diamond purchases has prompted this shift in strategy.

3) The Supreme Court has upheld Bharat Heavy Electricals Ltd's decision to award a Rs 400-crore tender to BTL EPC Ltd for an ash handling plant, despite national security concerns related to BTL EPC's partnership with Chinese company Fujian Longking Co. This decision was influenced by the significant progress already made on the project.