1. Stock name: Patanjali Foods Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock has been on an upward trajectory since March 2023. Between August and December 2023, it entered a stabilizing phase, during which it formed a cup and handle pattern on the daily chart. On December 5th, 2023, a notable breakout occurred, supported by a substantial increase in trading volume. Additionally, the stock's MACD indicator displayed a positive signal near the breakout. According to technical analysis, if the stock can sustain the momentum generated by this breakout, it may continue its 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.

2. Stock name: InterGlobe Aviation Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Commencing its upward journey in March 2020, the stock has demonstrated a sustained positive trend. Between November 2021 and November 2023, a cup and handle pattern materialized on the weekly chart. Towards the conclusion of November 2023, the stock underwent a breakout from this pattern, subsequently maintaining an upward trajectory. A positive sign appeared on the MACD indicator close to the breakout. According to technical analysis, the stock may see a further upward movement if it manages to uphold its present 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.

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News for the day:

1) Wipro Consumer Care & Lighting (WCCL) has acquired three soap brands – Jo, Doy, and Bacter Shield – from VVF Ltd, marking its third acquisition in the past year. The move is in line with WCCL's strategy to expand into new sub-segments within the ₹28,000 crore soap market, with Jo targeting northern, eastern, and western markets, Doy operating in the premium segment, and Bacter Shield competing in the antibacterial range against rivals like Lifebuoy, Dettol, and Savlon.

2) During Kenya President William Samoei Ruto's recent India visit, Bharti Enterprises chairman Sunil Mittal conveyed Airtel's commitment to expanding 5G coverage in Kenya, emphasizing its strategic importance. Mittal also expressed Airtel's aim to make Airtel Money services accessible to all Kenyan citizens and accelerate initiatives to enhance the country's digital economy.

3) Union Bank has partnered with Accenture to implement analytics-based customer services, utilizing predictive analytics, machine learning, and artificial intelligence. The collaboration aims to enhance operational efficiency and offer customer-centric banking services by providing a scalable data platform with advanced analytics, enabling robust data visualization and reporting capabilities.