Technical Analysis of CREDITACC & PAGEIND

Technical Analysis of CREDITACC & PAGEIND

Stock name: CreditAccess Grameen Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock has been declining since December 2023 but stabilized between February and June 2024, forming a double bottom pattern on its daily chart. Today, it is breaking out from this pattern. Recently, the stock also showed a bullish MACD indicator, and its current RSI levels are also in favourable zone. According to technical analysis, if the stock maintains its current momentum and breakout, it might rise further.

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: Page Industries Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

The stock has been declining since September 2023, but from February to May 2024, it stabilized and formed a double bottom pattern on its daily chart. On May 30, 2024, the stock broke out of this pattern. After an immediate retest, the stock successfully rebounded. Currently, it's trending upwards with a favourable RSI level. According to technical analysis, if the stock maintains its momentum, it could 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:

  • The RBI's Monetary Policy Committee (MPC) maintained the repo rate at 6.5%, projecting real GDP growth for FY25 at 7.2% and keeping the inflation forecast at 4.5%. Governor Shaktikanta Das highlighted concerns about food inflation but noted resilient economic activity. India's forex reserves hit a record $651.5 billion as of May 31, 2024.

  • Nashik, Visakhapatnam, Kanpur, Surat, Varanasi, and Prayagraj are expected to issue municipal bonds by July, aiming to raise Rs 100-300 crore at a coupon rate of 7.9-8.3%. Municipal bodies have raised nearly Rs 3,000 crore from the bond market since 2017 for infrastructure projects. Recent examples include Vadodara's Rs 100 crore Green Municipal Bonds for wastewater management and Indore's Rs 244 crore for a solar power project. Most investors in municipal bonds are institutional, but the market's potential could match India's GDP size, according to SEBI Chairperson Madhabi Puri Buch.

  • Tata Steel is negotiating with the Dutch government on a decarbonisation roadmap for its IJmuiden factory, following reports of potential €3 billion support for its green transformation. The Dutch Parliament mandated these negotiations in March, aiming for CO2-neutral steel production by 2050. Final terms will require approval from both the Dutch Parliament and Tata Steel's Board. Tata Steel aims to produce CO2-neutral steel in Europe by 2050, with ongoing efforts to address emissions and health standards at its IJmuiden plant.
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