1. Stock name: Suven Pharmaceuticals Ltd.

Pattern: Rounding bottom pattern

Time frame: Daily

Observation:

Experiencing an extended period of sideways movement, the stock shaped a rounding bottom pattern on its daily chart from March 2022 to November 2023. On November 28, 2023, it successfully broke out of this pattern, backed by substantial trading volume, and has since been on an upward trajectory. The stock's Relative Strength Index (RSI) is currently at a favorable level. According to technical analysis, if the stock can sustain its present momentum, it may continue its upward trend.

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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: Grasim Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Post-COVID, the stock has consistently followed an upward trajectory, with a recent stabilization that led to the formation of a cup and handle pattern on its daily chart spanning from December 2022 to December 2023. On December 4, 2023, the stock successfully broke out of this pattern, accompanied by above-average trading volume. Although the stock has moved upwards after the breakout, it is currently undergoing a retest of the breakout level. The Relative Strength Index (RSI) for the stock is currently at a favorable level. According to technical analysis, a successful bounce back from this level may signal 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.

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News for the day:

1) Bharti Airtel has partnered with IntelliSmart Infrastructure to connect 2 crore smart meters using Internet of Things (IoT) technology over the next 10 years. The collaboration aims to contribute to India's smart metering program, with Airtel's proprietary platform, the "Airtel IoT Hub," facilitating advanced analytics and high-reliability monitoring with telco-grade security.

2) Ashok Leyland secures an order to supply 552 ultra-low entry (ULE) buses to the Tamil Nadu State Transport Corporation (TNSTC) for public transport. The Hinduja Group flagship, a consistent supplier to TNSTC, will initiate delivery in the coming months.

3) Piramal Enterprises announces a provision of over Rs 3,000 crore for its alternative investment funds (AIF) exposure following RBI's tightened rules, with analysts projecting a FY24 loss exceeding Rs 2,200 crore. The move is expected to impact the company's earnings, despite a more than 30% capital adequacy that supports business growth.