Stock name: Orient Electric Ltd.
Pattern: Double bottom pattern and retest
Time frame: Daily
Observation:
Since January 2024, the stock has been on a downward trend. Between February and April 2024, it formed a double bottom pattern on its daily chart. A breakout from this pattern occurred on April 02, 2024, accompanied by substantial trading volume and a positive MACD indicator signal. Today, the stock is undergoing a strong retest of the breakout, with its RSI levels positioned favourably. According to technical analysis, if the stock maintain its breakout momentum, it may move further upwards.
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: Tata Communications Ltd.
Pattern: Cup and handle pattern
Time frame: Daily
Observation:
The stock's general trajectory has been upward, notably from September 2023 to April 2024, during which it stabilized and formed a cup and handle pattern on its daily chart. A breakout from this pattern occurred on April 01, 2024, backed by average trading volume and a positive signal on its MACD indicator. Subsequently, the stock has continued its ascent. Technical analysis suggests that if the breakout momentum persists, the stock may advance 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:
- Adani Green Energy becomes India's first 'das hazari' in renewables, surpassing 10,000 MW portfolio with a recent 2,000 MW solar commission at Khavda. Operating now at 10,934 MW, the company is aiming for 45 GW by 2030, powering 5.8 million homes and reducing 21 million tonnes of CO2 annually. Chairman Gautam Adani plans a groundbreaking 30,000 MW project in Khavda, redefining global standards in renewable energy.
- UltraTech Cement, part of Aditya Birla Group, adds 5.4 mtpa capacity with new units in Chhattisgarh and Tamil Nadu, totalling 151.6 mtpa, surpassing US and Europe capacities. Chairman Kumar Mangalam Birla highlights rapid expansion, symbolizing India's global presence. Managing Director KC Jhanwar underscores commitment to sustainable growth with ongoing expansions and substantial capex.
- Reliance Jio's 5G user base reportedly surpasses 100 million by March's end, with Bharti Airtel trailing closely at around 75 million. Ookla, a network analytics firm, acknowledges Jio and Airtel as pivotal players driving 5G adoption in India, commending their rapid nationwide expansion efforts.
