1. Stock name: Welspun Corp Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since 2008, the stock experienced a decline, reaching its lowest point of the downward trend around the year 2013. From there onwards the stock moved in a sideways pattern. In 2023, there was a notable improvement, bringing it back to the 2008 level. The stock broke out of its pattern in November 2023, supported by significant trading volume. Post-breakout, it is currently trending in the direction of the breakout, and according to technical analysis, sustained momentum may lead to further upward 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.

2. Stock name: Bandhan Bank Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

Throughout 2023, the stock remained within a range and exhibited sideways movement. From September 2023 to January 2024, a cup and handle pattern emerged on the daily chart. On January 3, 2024, the stock experienced a breakout from this pattern, accompanied by substantial trading volume. Following the breakout, the stock is currently trending upward. Additionally, the MACD indicator provided a positive signal just before the breakout. According to technical analysis, maintaining the momentum from the breakout may lead 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) Torrent Power, the integrated power utility of the Torrent Group, commits to investing Rs 47,350 crore in renewable energy, green hydrogen, and electricity distribution in Gujarat, as per four non-binding MoUs signed with the state government. The proposed projects aim to contribute significantly to the state's development and create substantial employment opportunities.

2) Vodafone Idea director P Balaji resigns after over nine years and moves to Air India for a newly created role as group head (governance, regulatory, compliance, and corporate affairs), effective January 11, reporting to CEO and MD Campbell Wilson. Balaji, previously key in government interactions for Vodafone Idea, joins Air India amid his departure from the telecom operator.

3) The Power Finance Corporation (PFC) has agreed with the Gujarat government, signing a Memorandum of Understanding (MoU) to finance power projects worth Rs 25,000 crore. The collaboration aims to provide essential long-term debt and funding for diverse projects, focusing on power infrastructure expansion and generating employment for up to 10,000 individuals in the state.