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| Item Details | Price | ||
|---|---|---|---|
1. Stock name: TTK Prestige Ltd.
Pattern: Double top pattern and retest
Time frame: Weekly
Observation:
The stock has generally been on an upward trajectory, reaching its highest point in December 2021. From May 2021 to January 2023, it formed a double top pattern on its weekly chart. In January 2023, a breakout candle emerged with above-average trading volume. Presently, the stock is undergoing a retest of the breakout level, with the RSI sitting comfortably around 50. According to technical analysis, should the stock respect the breakout level and establish a downward momentum, it could potentially continue its descent.
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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2. Stock name: Balrampur Chini Mills Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Daily
Observation:
Since May 2022, the stock has exhibited sideways movement. Between April 2023 and September 2023, it formed a cup and handle pattern on its daily chart. On September 14, 2023, a breakout candle emerged from this pattern with substantial volume support. Following the breakout, the stock was retested once and rebounded. Presently, it is undergoing a second retest of the breakout level, with the RSI hovering around 55, signifying strength in the price model. A successful bounce from this level may propel the stock further upward.
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) Bars, restaurants, and delivery platforms anticipate a 30-40% surge in sales during the Cricket World Cup, offering discounts, promotions, and cricket-themed menus. Zomato has enlisted Ranveer Singh and Chris Gayle for its World Cup campaigns, while reservations at venues for match screenings have spiked due to limited ticket availability for India's matches.
2) Kotak Strategic Situations Fund (KSSF) is set to invest approximately ₹1,600 crore in Nimmagadda Prasad's acquired active pharmaceutical ingredients (API) business, supporting the acquisition with a $200 million funding mix of structured debt and equity. Deutsche Bank and DBS have also reportedly provided financing for the acquisition. The deal comes after Viatris put its non-core India businesses, including the API business, up for sale.
3) Tata Motors reported a 7% increase in global wholesales, including Jaguar Land Rover, totaling 3,42,376 units in the second quarter of the current fiscal year. While global sales of passenger vehicles declined by 3%, global wholesales for Jaguar Land Rover surged by 29%.