1. Stock name: Tata Investment Corporation Ltd.

Pattern: Rounding bottom pattern

Time frame: Daily

Observation:

Following the market's recovery post-COVID, the stock experienced an upward trend until September 2022. However, starting in September 2022, the stock entered a consolidation phase. Notably, from September 19, 2022, to September 25, 2023, the stock formed a rounding bottom pattern on its daily chart. This pattern was concluded with a breakout candle and robust trading volume on September 25, 2023. Subsequently, the stock has continued to move in the direction of this breakout. Presently, it appears to be in a brief consolidation period, with the RSI at a healthy 65. According to technical analysis, if the stock can maintain its momentum, it may see 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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2. Stock name: Tata Power Co. Ltd.

Pattern: Flag and pole pattern

Time frame: Monthly

Observation:

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) The Reserve Bank of India (RBI) has imposed an immediate ban on Bank of Baroda (BoB) from adding new customers to its 'bob World' mobile application due to material supervisory concerns arising from the bank's customer onboarding process. This action follows revelations that the bank had linked accounts to unregistered mobile numbers, artificially inflating download and sign-up numbers.

2) Six Indian banks including Bank of Baroda, Bank of India, Canara Bank, ICICI Bank Ltd, Indian Overseas Bank and Axis Bank Ltd. are pursuing approximately $2 billion in unpaid loans, including interest, from GVK Coal Developers (Singapore) and related firms, in a UK court case dating back to 2011 and 2014. The trial, taking place in the High Court in London, centers on claims that these loans are long overdue, with the exception of $83 million from the sale of a Bengaluru airport. The banks are seeking repayment, and the case is set for a two-week trial in the UK.

3) ONGC, India's largest oil and gas producer, is prepared for significant investments as it reported substantial profits and zero net debt over the last two years. The company's finance director, Pomila Jaspal, announced a 10% increase in annual capex for the next financial year, with plans to double it to ₹60,000 crore in three years, driven by petrochemical and green energy initiatives. The company’s annual capex has remained stagnant at around ₹30,000 crore for over a decade.