1. Stock name: Power Finance Corporation Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

Between October and December 2023, the stock underwent a swift upward surge followed by a consolidation phase. This resulted in the formation of a flag and pole pattern on its daily chart from October 2023 to January 2024. On January 29, 2024, the stock successfully broke out from this pattern, backed by substantial trading volume and a positive MACD indicator signal. Additionally, the Relative Strength Index (RSI) is currently at a favourable level. According to technical analysis, if the stock can sustain the breakout momentum, then the stock may see 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: Vedant Fashions Ltd.

Pattern: Double top pattern

Time frame: Weekly

Observation:

Since its 2022 listing, the stock exhibited a notable upward rally, followed by a consolidation phase. This has lead to the formation of a double top pattern on the weekly chart spanning August 2022 to January 2024. In mid-January 2024, the stock broke out from this pattern with average trading volume. Although the stock retested the breakout level in the subsequent week, it has recently resumed a downward trajectory. The Relative Strength Index (RSI) is also currently at low levels. Technical analysis suggests that if the current momentum persists, the stock may continue its downward 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) Leading carmakers Maruti Suzuki and Hyundai are set for record January sales, driven by strong demand for SUVs, with over 375,000 vehicles estimated to be dispatched, marking an over 8% increase from January 2023. The SUV segment is anticipated to constitute 52-53% of the domestic market this year, contributing to a rise in the average selling price of passenger vehicles in India. 

2) Bajaj Finserv Health, a subsidiary of Bajaj Finserv, has acquired Vidal Healthcare Services, a Pune-based health-tech firm, for an enterprise value of Rs 325 crore. The acquisition is set to close by March and will enhance Bajaj Health's capabilities in catering to hospitalization needs with Vidal's extensive network of over 1,00,000 doctors, 5,500 labs, and 2,100 hospitals. Vidal Health Insurance TPA, a wholly-owned subsidiary, covers premiums of over Rs 5,000 crore, serving 130 million lives and offering insurtech solutions globally. 

3) Indian Oil Corp's unit, IOC Global Capital Management IFSC Limited (IGCMIL), is set to raise a $100 million loan from DBS Bank Singapore in its first deal at GIFT City, Gandhinagar. The funds will be utilized by IGCMIL to refinance Indian Oil's existing external commercial borrowing, as part of the group's strategy to enhance control over overseas investments and facilitate cross-financing among group companies.