1. Stock name: Swan Energy Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

Since March 2023, the stock has consistently followed an upward trajectory, with a notable surge observed in October 2023. However, in November 2023, the stock stabilised, leading to the formation of a distinctive flag and pole pattern. The stock has seen a breakout from this pattern with huge trading volume on 5^th December 2023. Post-breakout, the stock underwent a retest. According to technical analysis, a successful rebound from this point may further see an upward movement in the stock.

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: Sundaram Finance Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

The stock has been on an upward trend since May 2022, with a notable surge observed in September 2023. Between October and November 2023, there was a period of stabilization during which the stock formed a distinct flag and pole pattern. Subsequently, the stock registered a breakout from this pattern, characterized by substantial trading volume. Following the breakout, the stock continued its upward trajectory, supported by a favorable RSI and a positive signal from the MACD indicator. According to technical analysis, the stock may move upwards if it can maintain its current 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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News for the day:

1) Sun Pharma's subsidiary has entered a licensing agreement with Aclaris Therapeutics, granting exclusive rights to specific patents for using deuruxolitinib, a JAK inhibitor, for treating alopecia areata or androgenetic alopecia. The deal involves a $15 million initial payment, along with regulatory milestones and royalties, as announced on December 6.

2) GIFT City, India's financial hub, is set for growth under the International Financial Services Authority (IFSCA). With over 550 entities, plans include direct listings, a re-insurance hub, and a single-window IT system for regulatory clearances. GIFT City is exploring opportunities in the pensions sector and considering a platform for international carbon credit trading.

3) Adani Green Energy Limited (AGEL) secures the second position among global solar PV developers in Mercom Capital Group's Annual Global Report, with a total solar capacity of 18.1 GW. The report ranks AGEL based on its notable performance and contributions to the renewable energy sector, while France-based TotalEnergies claims the top spot with a total capacity of 41.3 GW.