Technical Analysis of GAEL & HDFCBANK

Technical Analysis of GAEL &  HDFCBANK

Stock name: Gujarat Ambuja Exports Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

The stock followed an upward trend from August 2023 before stabilizing and forming a double top pattern on its daily chart. It broke out from this pattern in March 2023 but underwent a significant retest, closing above the breakout line. Currently, the stock has completed the retest and is moving downward. The RSI is low, and the MACD indicates a bearish signal. According to technical analysis, if the stock maintains its current momentum, it may continue to decline.

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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: HDFC Bank Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock has been declining since December 2023 and formed a double bottom pattern on its daily chart. In June 2024, it broke out from this pattern and started rising. The stock's RSI is now in the overbought zone, suggesting a possible retest. According to technical analysis, 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:

  • Tata Motors has increased its five-year investment in Jaguar Land Rover (JLR) to £18 billion for FY24-FY28, up from £15 billion, to focus on electric and hybrid vehicle development. This move supports JLR's "Reimagine" strategy. Additionally, JLR will collaborate with China's Chery to produce electric vehicles under the Freelander brand in China. The increased investment, detailed in a JLR investor presentation, aims to enhance the development of flexible (internal combustion and electric) vehicle platforms.

  • Axis Bank and its subsidiaries have approved increasing their stake in Max Life Insurance to 19.99% through a Rs 336 crore cash deal. This move is intended to strengthen Axis Bank's position in the life insurance sector, following earlier regulatory approvals for equity infusion in Max Life. Previously, Axis Bank and its subsidiaries held a 19.02% stake in Max Life. The decision, approved by the bank's Acquisitions, Divestments, and Merger Committee on June 19, 2024, will enhance the bank's investment in Max Life Insurance.

  • Bharti Airtel has increased its stake in Indus Towers by 1%, bringing its total ownership to 48.95%. This acquisition, approved by a special committee, involved purchasing around 26.95 million equity shares through an all-cash block deal. Airtel aims to stabilize Indus amidst Vodafone Idea's financial troubles, with Chairman Sunil Mittal emphasizing the need for Vodafone Idea to clear its dues. Concurrently, Vodafone Plc plans to sell nearly 18% of its 21.05% stake in Indus Towers.
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