Technical Analysis of AUBANK & SAREGAMA

Technical Analysis of AUBANK & SAREGAMA

Stock name: AU Small Finance Bank Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Daily

Observation:

From January 2024, the stock experienced a downward trend but later stabilized, forming a cup and handle pattern on its daily chart. It broke out from this pattern on April 29, 2024, with substantial trading volume and a positive MACD indicator. However, following the breakout, the stock underwent a significant retest, closing below the breakout level. Presently, the RSI levels of the stock remain favourable. According to technical analysis, if the stock manages to rebound from the retest, it may witness 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.

Stock name: Saregama India Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Since December 2021, the stock has been on a downward trend but stabilized from July 2023 to April 2024. During this time, it formed a double bottom pattern on its daily chart. On April 18, 2024, the stock broke out from this pattern with above-average trading volume. Following the breakout, there has been a slight upward movement in the stock. Additionally, the RSI level of the stock is in a favourable zone. As per technical analysis, the stock may see further upward movement if the breakout momentum is maintained.

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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