Technical Analysis of SUPREMEIND & DMART

1. Stock name: Supreme Industries Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since December 2023, the stock has trended downwards, followed by consolidation and the formation of a double bottom pattern on its daily chart between February and March 2024. Towards the end of March 2024, the stock experienced a breakout from this pattern, backed by above-average trading volume. Subsequently, the stock underwent a retest of the breakout level. Presently, the stock's Relative Strength Index (RSI) indicates favourable conditions. Technical analysis suggests that if the stock rebounds from the retest, it may potentially move upwards.

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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: Avenue Supermarts Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since October 2021, the stock has experienced a downward trend, followed by consolidation and the formation of a double bottom pattern on its weekly chart from November 2022 to March 2024. In March 2024, the stock broke out from this pattern, supported by above-average trading volume and a bullish MACD indicator, resulting in an upward movement. Currently, the stock's Relative Strength Index (RSI) indicates overbought conditions. According to technical analysis, if the stock maintains its current momentum, it could continue to move upwards.

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) Gland Pharma receives USFDA approval for generic breast cancer drug Eribulin Mesylate Injection, anticipated to be the first in the market with USD 92 million sales in the US. Co-developed with Orbicular Pharmaceutical Technologies Pvt Ltd., the medication highlights Gland Pharma's focus on complex injectables. Shares of Gland Pharma surge by ~5.5% to Rs ~1850 on the BSE following the announcement.

2) REC achieves a record Rs 3.59 lakh crore loan sanction in FY24, with a focus on renewable energy projects. Loan disbursements reach a record high of Rs 1.61 lakh crore, marking a significant increase from the previous fiscal year. REC's loan book grows to Rs 5.09 lakh crore by March 31, 2024, indicating a 17.13% rise from the previous year.

3) Adani TotalEnergies E-Mobility partners with MG Motor India to enhance EV charging infrastructure, planning to install CC2 60 kW DC chargers at MG dealerships. This collaboration aims to promote sustainable mobility and accelerate India's energy transition. Despite a recent sales dip, MG Motor India records a 14% year-on-year sales growth in FY 2023-24, following JSW Group's 33% stake acquisition in 2023.