Technical Analysis of QUESS & SRF

1. Stock name: Quess Corp Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since September 2021, the stock has experienced a downward trend, stabilizing somewhat from November 2022 onwards and forming a cup and handle pattern on its weekly chart. April 2024 marked a breakout from this pattern, accompanied by above-average trading volume and a bullish MACD indicator. Following the breakout, the stock surged upwards. Presently, the stock's RSI levels indicate overbought conditions, suggesting a potential retest. Technical analysis suggests that if the stock maintains its current momentum, it may see further 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: SRF Ltd.

Pattern: Symmetrical triangle pattern

Time frame: Monthly

Observation:

Between September 2021 and March 2024, the stock has undergone consolidation, forming a symmetrical triangle pattern on its monthly chart. March 2024 witnessed a breakout from this pattern, propelling the stock upwards. Presently, the stock maintains favourable RSI levels and displays bullish signals on the MACD indicator. Technical analysis suggests that if the current momentum persists, the stock may continue its 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.

--------------------------------------------------

News for the day:

1) AU Small Finance Bank stands as the sole contender eligible for a universal bank license, meeting stringent RBI criteria with a robust net worth and low non-performing assets. Following its merger with Fincare Small Finance Bank, AU's balance sheet has grown substantially, serving around 10 million customers.

2) Himadri Speciality Chemical Ltd plans a Rs 220 crore investment to expand specialty carbon black capacity in West Bengal, targeting European demand amid a potential ban on Russian imports. The expansion, slated for completion in 18 months, aims to boost exports and establish the world's largest specialty carbon black capacity at a single site.

3) Macrotech Developers, under Abhishek Lodha's leadership, plans a Rs 5,000 crore investment in FY25 for real estate projects, targeting 10,000+ unit deliveries and expansion into Bengaluru. With robust housing demand, the company achieved major targets in 2023-24, focusing on pre-sales, land acquisition, and debt reduction. Macrotech aims for continued growth by launching new projects and exploring expansion into other major cities, buoyed by strong sales prospects.