Technical Analysis of PCBL & LALPATHLAB

Technical Analysis of PCBL & LALPATHLAB

Stock name: PCBL Ltd.

Pattern: Head and shoulders pattern

Time frame: Daily

Observation:

The stock experienced an upward trend after COVID but recently it has stabilized, forming a head and shoulders pattern on its daily chart. On June 4, 2024, amidst a significant market downturn, the stock broke out of this pattern. Currently, its RSI levels are in the oversold zone, which may suggest a potential retest of the breakout. According to technical analysis, if the stock sustains the breakout 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: Dr. Lal Path Labs Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since September 2021, the stock has been on a downward trend but has stabilized, forming a double bottom pattern on its weekly chart. Despite this, it has not yet broken out from the pattern. Recently, a bullish MACD indicator and favourable RSI levels have emerged. According to technical analysis, if the stock breaks out with strong momentum, it may move 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.

 

News for the day:

  • Tata Motors' board has approved the creation of a wholly-owned subsidiary named TML Commercial Vehicles Ltd (TMLCVL) to manage its commercial vehicles business. This move is part of a broader strategy announced in March to demerge its commercial and passenger vehicle segments into two separate listed entities. The new entity will focus on the CV business and related investments, while the passenger vehicle segment, including electric vehicles and Jaguar Land Rover, will be managed by a different entity. Tata Motors has also announced a merger of Tata Motor Finance with Tata Capital, approved by their respective boards.

  • Kalyan Jewellers India will acquire the remaining 15% stake in Candere from founder Rupesh Jain for Rs. 42 crore, making Candere a wholly-owned subsidiary. This move supports Candere's shift from e-commerce to omni-channel commerce. Initially acquiring a majority stake in 2017, Kalyan Jewellers aims to expand Candere's retail presence, with 11 new showrooms launched last fiscal year. The acquisition is part of Kalyan's strategy to grow in the lightweight, fashion-forward jewellery segment.

  • Welspun Corp's associate company, East Pipes Integrated Company for Industry (EPIC), has signed contracts worth SAR 1.65 billion (approximately Rs 3,670 crore) with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. These 19-month contracts will impact Welspun's financials from Q4 of FY 2024-25 to Q4 of FY 2025-26. EPIC is a leading Saudi manufacturer of Helical Submerged Arc Welded (HSAW) pipes.
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