1. Stock name: Tata Elxsi Ltd.

Pattern: Cup and Handle pattern

Time frame: Weekly

Observation:

From October 2022 to November 2023, the stock has exhibited a sideways movement. Within this timeframe, a cup and handle pattern emerged on the weekly chart. At the start of November 2023, the stock experienced a breakout from this pattern, backed by above average trading volume. Following the breakout, the stock has seen an upward movement. According to technical analysis, maintaining the present momentum may propel it to 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.

2. Stock name: V-Mart Retail Ltd.

Pattern: Head and Shoulder pattern

Time frame: Weekly

Observation:

From March 2020 to October 2021, the stock displayed an upward trajectory, followed by a subsequent decline. Between January 2021 and February 2023, a head and shoulder pattern emerged on the weekly chart. February saw a breakout, and the stock recently completed a successful retest of the breakout level, resuming a downward trend. The stock's RSI is currently at low levels. According to technical analysis, sustained momentum may lead to further downward movement.

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) ITC has outpaced rivals to become India's top food FMCG company, with ₹17,100 crore in sales for the nine months to September, surpassing Adani, Britannia, and others. The shift is attributed to lower edible oil prices affecting Adani, while ITC benefited from increased atta prices and a diverse product range. This success is crucial for ITC's aim to be the leading non-cigarette FMCG company, with the foods business contributing over 82% to its non-cigarette FMCG sales.

2) Tata Motors has joined forces with HDFC Bank to offer digital financing solutions for its commercial vehicle customers, as announced in a Memorandum of Understanding. Under this collaboration, customers can access HDFC Bank's vehicle financing seamlessly through Tata Motors' online platform and the Tata e-Guru mobile app, enhancing the overall vehicle buying experience.

3) Shree Cement, India's second-largest cement company, intends to bid for lithium mining rights in Jammu and Kashmir and Chhattisgarh as part of India's auction to secure critical minerals production, with plans to collaborate with an Australian company for technical assistance in setting up a lithium refinery. The move aligns with India's goal of ensuring a stable supply of critical minerals, particularly for electric vehicle battery production.