1. Stock name: Tata Motors Ltd.

Pattern: Flag and pole pattern

Time frame: Weekly

Observation:

The stock is currently on an upward trajectory. Between March and July 2023, it experienced a swift ascent, followed by a period of stabilization from July to November 2023. This consolidation formed a flag and pole pattern on the weekly chart. Towards the end of November 2023, the stock exhibited a breakout candle, backed by higher-than-average trading volume. Since the breakout, the stock has continued in the direction of the breakout. The stock has also registered a positive MACD indicator around the breakout candle. According to technical analysis, maintaining the present momentum may lead 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: RBL Bank Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Between March 2020 and December 2023, the stock exhibited a sideways trend and established a double bottom pattern on its weekly chart. At the start of December, the stock broke out from this pattern, accompanied by higher-than-average trading volume. Subsequently, it embarked on an upward trajectory, complemented by a positive MACD signal following the breakout. According to technical analysis, sustaining the current momentum may show a continued upward movement for 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.

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News for the day:

1) Ambuja Cements, part of the Adani Group, is investing Rs 6,000 crore in solar and wind projects in Gujarat and Rajasthan to reach a 1,000 MW capacity by 2026, boosting its green capacity from 19% to 60%. The move is expected to cut power costs from Rs. 6.46 to Rs. 5.16 per kWh, translating to a 20% reduction and Rs. 90 PMT of cement by FY 2028. This follows Ambuja Cements' recent majority stake acquisition in Sanghi Industries for Rs 5,185 crore.

2) GMR Group secures Rs 3,215 crore in funds from a consortium of five lenders, including REC, IIFCL, Exim Bank, Central Bank of India, and Bank of Maharashtra, to develop its fourth airport, GMR Visakhapatnam International Airport. The funding will support GMR's expansion, adding to its current operations at Delhi, Hyderabad, and Goa airports in India, along with airports in the Philippines and Indonesia.

3) Cash-strapped Vodafone Idea (Vi) is in advanced talks with private equity firms to sell its fibre assets and In-Building Solution (IBS), aiming to raise Rs 10,000-12,000 crore. Vi, with over 160,000 km of optic fibre, is optimistic about a successful deal given the growing significance of wired broadband as a revenue source.