Technical Analysis of PVRINOX & INGERRAND

Stock name: PVR INOX Ltd.

Pattern: Head and shoulders pattern

Time frame: Weekly

Observation:

The stock's overall trajectory has been positive. It has stabilised between the period from May 2021 to February 2024. During this period, a head and shoulder pattern emerged on the weekly chart, followed by a breakout in February 2024. This breakout was supported by slightly above average trading volume. Post-breakout, the stock is now trending downward. Technical analysis suggests that if the momentum from the breakout is sustained, then the stock may see further downward movement.

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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: Ingersoll Rand (India) Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock is currently on an upward trajectory. It has formed a cup and handle pattern on its daily chart between August 2023 and February 2024. A significant breakout from this pattern occurred on February 16, 2024, accompanied by substantial trading volume. The stock is presently aligning with the direction established by the breakout. Technical analysis indicates that if the stock can sustain this breakout momentum, then it may see further upward movement in its value.

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:

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