Technical Analysis of BBTC & CHAMBLFERT

Stock name: Bombay Burmah Trading Corporation Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

After a downward trend since September 2018, the stock recently recovered and surpassed its 2018 levels, forming a rounding bottom pattern on the monthly chart from September 2018 to June 2024. The stock broke out of this pattern in June 2024 with significant volume and has continued to rise. However, the current RSI level indicates the stock is in the overbought zone, which may lead to a retest. According to technical analysis, if the stock maintains its momentum, it might continue to move higher.

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.

Stock name: Chambal Fertilizers & Chemicals Ltd.

Pattern: Flag and pole pattern

Time frame: Daily

Observation:

The stock experienced a sharp rise in June 2024, followed by consolidation in July and August 2024, forming a flag and pole pattern on the daily chart. Although it hasn’t broken out yet, the stock is nearing the breakout line. The MACD indicator is close to signalling a bullish trend, and the RSI levels are favourable. Technical analysis suggests that if the stock breaks out with strong momentum, it may continue to rise.

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:

  • Thirteen years after their breakup, Honda Motorcycle & Scooter India (HMSI) has overtaken Hero MotoCorp in wholesale dispatches, recording 18.53 lakh units from April to July, compared to Hero's 18.31 lakh units. This shift is attributed to strong urban demand for scooters and mid-to-premium motorcycles, coupled with an incomplete recovery in rural areas. Despite this, Hero remains ahead in retail sales. The competition between the two brands is expected to intensify with the approaching festive season, as Honda's market share continues to rise while Hero's declines.

  • Foxconn has started trial production of Apple's iPhone 16 Pro and Pro Max models at its Chennai facility, aiming to begin mass production by the end of the fiscal year. This move is part of Apple's strategy to reduce reliance on Chinese manufacturing amid geopolitical tensions. Small batches of components, including printed circuit boards, display assemblies, and camera modules, have been imported, signalling the ongoing pilot phase. Foxconn is also conducting pilot runs for the base models, with plans to meet the global launch timeline set for September.

  • Grasim Industries has made a record capital expenditure of nearly ₹20,000 crore in fiscal year 2023-24, its largest investment to date, according to Chairman Kumar Mangalam Birla. Over the past five years, the company has invested around ₹50,000 crore, with over 75% focused on growth initiatives. Birla expressed optimism about the company's building materials segment, anticipating significant growth in India's booming housing and infrastructure sectors, particularly in cement and decorative paints.
आपली टिप्पणी द्या