Techincal Analysis of WIPRO & INOXWIND

Techincal Analysis of WIPRO & INOXWIND

Stock name: Wipro Ltd.

Pattern: Head and shoulders pattern

Time frame: Daily

Observation:

Since November 2023, the stock has trended upward. Later, it stabilized and developed a head and shoulders pattern on its daily chart. The pattern broke out on April 12, 2024, leading to a downward movement. Presently, the stock's RSI levels indicate a low position. Technical analysis suggests that if the current breakout momentum persists, the stock might continue its downward trajectory.

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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.

Stock name: Inox Wind Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

Since June 2015, the stock has been shaping a rounding bottom pattern on its monthly chart. December 2023 witnessed a breakout from this pattern, accompanied by substantial trading volume. Following the breakout, the stock has been ascending. According to technical analysis, sustaining this momentum 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:

  • LIC has received a three-year extension from SEBI to meet the minimum public shareholding norms, easing concerns and delaying the government's potential offer for sale. This move brings relief to investors, leading to a 3% surge in LIC's stock price. SEBI regulations mandate a 25% public float, with new entities given a three-year grace period to comply. Notably, LIC, primarily owned by the Indian government, has been granted an exemption from the 25% MPS norms until 2032 by the Finance Ministry.

 

  • Promoters of Cipla plan to sell up to 2.53% for Rs 2,637 crore, following the company's strong annual results. The move comes amid speculation of further transactions after last year's failed $7 billion sale, leading to reported family divisions. Members of the founding Hamied family intend to offload shares via block deals, including MK Hamied's wife Shirin and daughters Samina and Rumana, along with Okasa Pharma.

 

  • India's coal share in power generation dips below 50% for the first time since the 1960s, with renewables dominating new capacity. G7 pledges to phase out unabated coal by 2035. India ranks third globally in solar power generation, aiming to triple renewable capacity by 2030 to combat climate change.
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