1. Stock name: Zensar Technolgies Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

From September 2021 to December 2022, the stock experienced a downward trajectory, followed by a recovery and upward movement. Around September 2023, it reached levels seen in September 2021, leading to a consolidation phase. This resulted in the formation of a cup and handle pattern on the weekly chart spanning from September 2021 to December 2023. In December 2023, the stock broke out from this pattern with substantial trading volume, initiating an upward trend. However, the current phase involves a retest of the breakout level. The stock is at a favourable RSI. According to technical analysis, a successful rebound from this retest may signal 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: Mangalore Refinery & Petrochemicals Ltd.

Pattern: Rounding bottom pattern

Time frame: Weekly

Observation:

Since August 2017, the stock witnessed a continuous decline until March 2020, followed by a period of stabilization. Notably, a positive shift occurred in April 2023, propelling the stock to levels similar to that of August 2017. This resurgence gave rise to a rounding bottom pattern on the weekly chart spanning from August 2017 to January 2024. The breakthrough from this pattern in January 2024, accompanied by substantial trading volume, marked a significant development. Presently, the stock is moving in an upward direction post-breakout, and as per technical analysis, maintaining the current momentum may result in 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.

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News for the day:

1) The Department of Telecommunications (DoT) has criticized Vodafone Idea (Vi) for not securing funding from the US International Development Finance Corporation (DFC) as promised four months ago. Vi, in need of funds for Open-RAN and related technologies, has the government as its largest shareholder, holding a 33.1% stake.

2) Indian exporters are withholding shipments due to escalating shipping costs amidst the Red Sea crisis. Commerce Secretary Sunil Barthwal stated that the government has advised the ECGC not to increase export credit interest rates, providing relief to exporters. The global impact of the crisis on shipping lines and containers has led to elevated freight rates, with the situation arising from recent attacks by Yemen-based Houthi militants around the Bab-el-Mandeb Strait.

3) Maruti Suzuki announces a 0.45% price hike across models starting January 16, 2024, citing increased cost pressure from inflation and commodity prices. Other automakers, including Tata Motors, Mahindra & Mahindra, Honda Cars India, and Audi, have also raised prices this month due to similar reasons.