1. Stock name: Union Bank of India

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock's overall performance has exhibited a continuous downward trend since October 2010. Notably, from June 2019 to July 2023, it formed a cup and handle pattern on its weekly chart, with a breakout candle accompanied by substantial trading volume occurring in July 2023. The stock has effectively undergone a retest of this breakout and is presently on an upward trajectory. According to technical analysis, if the stock can sustain its current momentum, it may move further upward.

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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: UCO Bank

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

In November 2010, the stock embarked on a sustained downward trajectory, which has continued since then. A significant development occurred between October 2017 and September 2023 when the stock formed a cup and handle pattern on its weekly chart. September 2023 saw the emergence of a breakout candle from this bullish formation, notably backed by robust trading volume. Although the stock initially moved in the direction of the breakout, it is presently in a retesting phase. Technical analysis suggests that if the stock manages to rebound effectively from this retest, the stock may see further upward movement in its performance.

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) Mukesh Ambani's Jio Financial Services is expanding its offerings, including auto and home loans, to become a comprehensive financial services firm in India. The company has already launched personal loans and consumer durable loans, and it now plans to introduce business and merchant loans. The company aims to tap into India's low financial product penetration relative to its economic size, following its successful listing. Jio Financial is also focusing on technology and AI and plans to launch an app for its services.

2) Royal Enfield has partnered with OTO Capital to launch a pioneering buyback program for its motorcycles in India. This unique initiative offers customers flexible tenure options and a guaranteed buyback value of up to 77%, aiming to provide a seamless ownership experience.

3) Tata Power Renewable Energy Ltd (TPREL) is partnering with Endurance Technologies to establish a 12.5 MW captive solar plant in Maharashtra, expected to be completed within 12 months. This project will generate 27.5 million units of electricity annually, helping reduce carbon emissions and advancing TPREL's total renewable energy portfolio to 7,889 MW.