Technical Analysis of EIDPARRY & ACI

Technical Analysis of EIDPARRY & ACI

Stock name: E.I.D. Parry (India) Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

The stock has maintained an overall upward trend. From November 2022 to May 2024, it formed a cup and handle pattern on its weekly chart. A breakout occurred on May 27, 2024, supported by above-average trading volume and a bullish MACD indicator. The stock surged upwards post-breakout but is currently retesting due to a very high RSI. This retest is expected to cool down the RSI, and if the stock rebounds, then as per technical analysis it may continue to rise further.

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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: Archean Chemical Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock experienced a significant decline in March 2024 but has since recovered, forming a cup and handle pattern on its daily chart. On July 2, 2024, it broke out from this pattern with substantial trading volume. Following the breakout, the stock is trending upwards with a high RSI. Technical analysis suggests that if the stock maintains its current momentum, it may continue to 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.

 

News for the day:

  • HDFC Bank's Q1 Update: Advances surged 53% YoY to Rs 24.87 lakh crore, with deposits up 24% to Rs 23.79 lakh crore. Excluding the HDFC merger impact, advances grew 15%. Retail loans increased by Rs 18,600 crore, and commercial and rural banking loans rose by Rs 7,200 crore, while corporate loans fell by Rs 26,600 crore. CASA deposits reached Rs 8.63 lakh crore, a 6% increase. The liquidity coverage ratio was 123%. HDFC Bank shares closed 2.3% lower at Rs 1,728 on the NSE.

  • Raymond's board has approved the demerger of its real estate arm, Raymond Realty, to unlock growth potential and attract new investors. The restructuring aims to maximize the unique strengths of each business division by allowing focused management. Shareholders will receive one Raymond Realty share for each Raymond share they hold. The demerger will enable the real estate and remaining businesses to grow independently and specialize in their respective areas. Post-demerger, Raymond Realty shares will be listed on the BSE and NSE. Raymond shares closed nearly 1% lower at Rs 2,933 on the NSE.

  • The Steel Executives Federation of India (SEFI) has proposed merging state-run Rashtriya Ispat Nigam Limited (RINL), Ferro Scrap Nigam Limited (FSNL), and Nagarnar steel plant with Steel Authority of India Limited (SAIL) to create a stronger public sector entity. SEFI believes this merger will help SAIL achieve its 35 million tonnes capacity expansion target by 2030 and address resource challenges faced by the individual firms. The merger aims to leverage the strengths of each firm to form a more efficient and financially viable entity.
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