1. Stock name: Sunteck Realty Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Starting from January 2022, the stock underwent a persistent decline. Between December 2022 and September 2023, a cup and handle pattern materialized on its daily chart, culminating in a breakout candle on September 8, 2023. This breakout candle is backed by substantial trading volume. Following the breakout, there was an initial retest, but the stock managed to rebound effectively and ascend. According to technical analysis, should the stock sustain its current momentum, it may move even 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.

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2. Stock name: Sun TV Network Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

The stock exhibited a prolonged downtrend between January 2018 and the COVID-19 market crash period, after which it experienced a period of consolidation. Between November 2021 and August 2023, the stock displayed a double bottom pattern on its weekly charts. The stock has seen a breakout candle with substantial trading volume occurring in August. Following the breakout, the stock underwent a minor upward shift and subsequently retested its levels. The stock was able to successfully rebound from the retest. According to technical analysis, should the stock continue to sustain its current momentum, it may continue to ascend.

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) Bajaj Finance aims to raise up to Rs 10,000 crore through a restricted share sale, its first equity capital raise since November 2019, as it bolsters its capital base in response to the entry of Jio Financial from Reliance Industries into retail lending. This move comes despite the company already having a comfortable capital adequacy of 23%, well above the 10% required by the Reserve Bank of India for NBFCs in the upper layer, which is crucial for India's financial system.

2) In August, India recorded over 10 billion cashless transactions, primarily online and without charges, but mobile phone wallet users paying bills exceeding 2,000 rupees incurred a 1.1% fee. Despite concerns about the lack of profit motive, India's payment revenue reached $64 billion in the past year, ranking it fourth globally.

3) The Reserve Bank of India (RBI) has expanded the UDGAM portal to include 30 banks, enabling individuals to search and claim unclaimed deposits, covering around 90% of unclaimed deposits in the Depositor Education and Awareness (DEA) Fund. Major public sector, foreign, and private sector banks are part of the initiative. Approximately Rs 35,000 crore in unclaimed deposits from public sector banks, with SBI holding the highest amount at Rs 8,086 crore, have been transferred to the RBI's Depositor Education and Awareness Fund.