1. Stock name: Tata Steel Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

After trading sideways for an extended period, the stock showcased a cup and handle pattern on its daily chart from January 2023 to September 2023. A breakout from this pattern occurred on September 1, 2023, backed by robust trading volume. The stock subsequently moved in the direction of the breakout, but it is presently undergoing a retest. The stock's RSI has rebounded to approximately 50, indicating a favourable level. According to technical analysis, a successful rebound from the retest could potentially drive the stock in an upward trajectory.

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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: Teamlease Services Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since October 2021, the stock has consistently trended downward. Notably, between March 2023 and September 2023, it displayed a double bottom pattern on its daily chart. On September 4, 2023, the stock exhibited a breakout from this pattern, accompanied by above-average trading volume. Although the stock initially moved in the direction of the breakout, it is presently undergoing a retest. The stock's RSI stands at a good level of approximately 54. According to technical analysis, a successful rebound from the retest may move the stock in an upward trajectory.

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) Maruti Suzuki India has entered an MoU with IDBI Bank to offer dealer financing solutions, aiming to enhance dealer capabilities in the growing Indian passenger vehicle market. The partnership will empower over 4,000 Maruti Suzuki sales outlets with comprehensive inventory funding options for their working capital needs, facilitating business growth.

2) Bank of Maharashtra, a state-owned bank, has raised its fixed deposit rates by up to 1.25%, effective from October 12, aiming to encourage saving among individuals and businesses. The 46-90 day deposit rate experiences a notable increase of 1.25%, making it an attractive option for short-term savers.

3) Bridgestone India has teamed up with Tata Power to deploy electric vehicle (EV) chargers at its dealerships in India. These 25/30 KWh DC fast chargers can charge a four-wheeler within an hour and will be accessible 24/7 to Bridgestone customers and all EV owners.