Stock name: LIC Housing Finance Ltd.
Pattern: Double bottom pattern
Time frame: Weekly
Observation:
Since June 2017, the stock has experienced a downtrend. From July 2019 to January 2024, it stabilized and exhibited a double bottom pattern on the weekly chart. In early January 2024, the stock broke out from the pattern with above-average trading volume, leading to an upward movement. The current overbought zone RSI suggests a potential retest. As per technical analysis, if the stock maintains its momentum, then it may see further upward movement.
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: Astral Ltd.
Pattern: Flag and pole pattern
Time frame: Weekly
Observation:
Between April and June 2023, the stock underwent a swift upward surge. Following that, it entered a consolidation phase until February 2024, forming a flag and pole pattern on the weekly chart. The breakout from this pattern happened in February 2024, marked by significant trading volume and a positive MACD indicator signal. The RSI levels of the stock are also in a favourable zone. As per technical analysis, the stock might experience additional upward movement, as long as it maintains its current momentum.
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:
- Reliance Industries Limited (RIL) has announced plans to invest Rs 5,000 crore in setting up compressed biogas (CBG) plants. The CBG plants aim to produce green energy by converting bio and organic waste into compressed biogas, contributing to the reduction of carbon emissions. This move reflects RIL's strategic focus on renewable energy initiatives, supporting India's push towards a cleaner and more environmentally friendly energy landscape.
- The Reserve Bank of India (RBI) has granted approval for HDFC Bank's proposal to sell a 90% stake in HDFC Credila to ChrysCapital and BPEA EQT. This strategic move by HDFC Bank aligns with its efforts to streamline its business operations. HDFC Credila, specializing in education loans, is expected to benefit from the expertise and support of ChrysCapital and BPEA EQT.
- State Bank of India (SBI) faces challenges in finding buyers for the Rs 1,703 crore bad debt linked to Hindusthan National Glass. Despite efforts, SBI's attempts to attract buyers for the distressed debt have not yielded positive results. SBI's struggle to offload the bad debt highlights broader challenges in the market and the financial sector's ongoing efforts to manage and resolve non-performing assets.
