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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: Rajesh Exports Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
The stock previously displayed upward momentum, which has recently decelerated. Its peak was reached in February 2023. Between May 2021 and August 2023, the stock developed a bearish double bottom pattern on its weekly chart. A significant volume breakout candle emerged in August 2023, and the stock is presently undergoing a retest of this breakout level. The Relative Strength Index (RSI) for the stock hovers around the 40 level, indicating weakness in price strength. According to technical analysis, if the retest fails to breach the breakout level, the stock may experience downward 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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2. Stock name: PI Industries Ltd.
Pattern: Double top pattern
Time frame: Weekly
Observation:
The stock exhibited an upward trend until June 22, 2023, followed by a period of consolidation in its price. During this consolidation phase, a bearish pattern emerged between May 26, 2023, and September 21, 2023. A breakout candle emerged on September 21, 2023, with average trading volumes. Subsequently, the stock continued in the breakout direction. According to technical analysis, if this momentum persists, the stock may see a further downward movement in the price.
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) Godrej Properties has successfully sold 670 apartments worth over Rs 2,000 crore in its Noida project, Godrej Tropical Isle, marking its most lucrative launch in terms of both value and volume of sales. The project, launched in August 2023, follows the acquisition of the land parcel through an e-auction by Noida Authority in November 2022. Shares of Godrej Properties were trading at Rs 1,561.90 during Monday early session, up 1.5% over Friday’s close.
2) We Indians have a last five-day window to return Rs 2,000 notes which were withdrawn by the Reserve Bank of India (RBI). After September 30, these notes will remain legal tender but can only be exchanged with the RBI as they were not widely used for transactions.
3) ICICI Lombard General Insurance has named Sanjeev Mantri as the new Managing Director and CEO, effective from December 1, 2023. His term is set for five consecutive years or until his retirement, as stated by the company. This is pending for approval from IRDAI and shareholders.