Technical Analysis of PAYTM & PCBL

Stock name: One 97 Communications Ltd. 

 Pattern: Double bottom pattern and retest 

 Time frame: Weekly 

 Observation: 

The stock, initially listed on NSE in November 2021, experienced a continuous downward trend until November 2022. However, between February 2022 and June 2023, it exhibited a bullish double bottom pattern on its weekly charts. Notably, the candle in June broke out from this pattern, accompanied by substantial trading volume. After the breakout, the stock bounced back slightly after its first retest. Currently, it is undergoing a second retest of the breakout level. The RSI of the stock is around 55, indicating a favorable level. Based on technical analysis, successful rebound and gain in momentum may drive the stock further upward.

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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.

Stock name: PCBL Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation: 

The stock exhibits a favourable overall trend. Spanning from January 2018 to June 2023, it has established a bullish cup and handle pattern on its weekly chart. In June 2023, a breakout candle emerged from this pattern, backed by substantial trading volume. Presently, the stock is undergoing a retest of the breakout level. The RSI of the stock sits at a commendable level of approximately 61. As per technical analysis, a successful rebound from the retest, coupled with strong momentum, may move the stock even higher.

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) Oil prices climbed on Friday as worries about Russia's ban on fuel exports tightening global supply overshadowed concerns about potential U.S. interest rate hikes impacting fuel demand. Despite this, oil prices were still on course for a weekly decline. The ban on Russian fuel exports led to a nearly 5% increase in heating oil futures, while the U.S. Federal Reserve's projection of a quarter-point interest rate hike by year-end raised worries of reduced economic growth and fuel demand. 

 2) India has secured the hosting rights for the International Congress on the Chemistry of Cement (ICCC) in 2027, outpacing the UAE and Switzerland. The event, which gathers experts in the cement and concrete sector, offers an opportunity to discuss topics like decarbonization and alternative energy sources in India's environmentally conscious cement industry. 

 3) Gautam Adani's property unit has formed a joint venture with Mumbai's slum rehabilitation authority to redevelop Dharavi, one of Asia's largest slums, amidst ongoing legal challenges. The next step involves the Adani group submitting a master plan for the project, which they won in July for $610 million.