Technical Analysis of WIPRO & SHREECEM

Time frame: Daily

Observation:

Since August 2022, the stock has been in a sideways movement. From September 2023 to December 2023, a cup and handle pattern has developed on its daily chart. On December 22, 2023, the stock experienced a breakout from this pattern, accompanied by substantial trading volume. According to technical analysis, if the stock can sustain its current momentum, then the stock may see 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: Shree Cement Ltd.

Pattern: Ascending triangle pattern

Time frame: Weekly

Observation:

Since January 2022, the stock has been exhibiting a sideways trend. From April 2022 to November 2023, an ascending triangle pattern has emerged on its weekly chart. Towards the conclusion of November 2023, the stock underwent a breakout in an upward direction. After the breakout, the stock is showing an upward trajectory. Additionally, the RSI of the stock is at a favorable level. According to technical analysis, should the stock sustain its current momentum, the stock may see 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.

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News for the day:

1) Adani Green Energy Ltd. has secured a 1,799 MW solar power purchase agreement (PPA) with the Solar Energy Corporation of India, completing the power offtake commitments for its 8,000 MW manufacturing-linked solar tender awarded in June 2020. The company has now tied up PPAs for 19.8 GW, with a fully de-risked portfolio of over 200,000 acres for executing 45 GW capacity by 2030, contributing to India's goal of achieving 500 GW non-fossil fuel capacity by the same year.

2) The Reserve Bank of India's appointed director, Yogesh Dayal, has concluded his two-year term on RBL Bank's board, ending the central bank's representation. Dayal's appointment in December 2021 had followed rumors about RBL Bank's financial stability, which the RBI had clarified, stating the bank remained financially stable and well-capitalized.

3) The Ministry of Rural Development has partnered with Reliance Retail's JioMart to incorporate products from Self-Help Groups (SHGs) into the e-commerce platform. The collaboration aims to onboard SHGs from the Deendayal Antyodaya Yojana National Rural Livelihoods Mission as sellers on JioMart, providing them with opportunities to enhance their market presence and visibility.