Stock name: Restaurant Brands Asia Ltd.
Pattern: Double top pattern and retest
Time frame: Daily
Observation:
Since March 2023, there has been a noticeable uptrend in the stock. Between July 2023 and February 2024, it consolidated and formed a double top pattern on its daily chart. On February 12, 2024, there was a significant breakout from this pattern, however following the breakout, there was a retest of the stock. Currently, it has completed the retest and is showing a downward trend, supported by negative MACD signal and low RSI levels. As per technical analysis, if the stock continues with the current momentum it me 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: Sona BLW Precision Forgings Ltd.
Pattern: Cup and handle pattern and retest
Time frame: Weekly
Observation:
Between July 2022 and December 2023, the stock exhibited a cup and handle pattern on its weekly chart. A breakout from this pattern occurred in December 2023, accompanied by above-average trading volume. Following the breakout, there was a retest of the stock's movement. Presently, the stock has rebounded from the retest and is trending upward, supported by positive signals from MACD and RSI indicators. Technical analysis suggests that if the stock maintains its current momentum, it may experience further upward 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.
News for the day:
- Tata Group plans to launch multiple IPOs within 2-3 years. Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing and Tata Batteries are among the list of companies for IPO as the group is focusing on digital, retail, and electric vehicles. This move aims to unlock value and fuel growth after a successful IPO from Tata Technologies. The conglomerate is also considering listing Tata Capital to comply with RBI norms.
- Nissan announces plans to launch 16 EVs globally in the next three years and designates India as an export hub. Three new models slated for India by 2026 under 'The Arc' plan to enhance competitiveness. Strategic alliances with Renault and Mitsubishi Motors aim for global offerings. Manufacturing to take place at Renault Nissan Automotive India Pvt Ltd, boasting a capacity of 4.8 lakh units annually.
- CCI approves Adani Power's acquisition of Lanco Amarkantak Power, allowing Adani to gain full control for Rs 4,101 crore. The acquisition, part of a corporate insolvency resolution process, won't significantly impact competition in relevant Indian markets, says CCI. Adani's expansion includes Lanco Amarkantak's two 300-megawatt thermal power units in Chhattisgarh, marking its second acquisition via the IBC route this fiscal after Coastal Energen.
