Technical Analysis of SAIL & INDUSTOWER

Technical Analysis of SAIL & INDUSTOWER

Stock name: Steel Authority of India Ltd.

Pattern: Cup and handle pattern

Time frame: Monthly

Observation:

Since 2007, the stock has been declining. From April 2011 onwards, it stabilized and formed a cup and handle pattern on its monthly chart. In April 2024, the stock broke out of this pattern with above-average trading volume. Although the stock is now moving upward, its RSI level is currently in the overbought zone. Technical analysis suggests that if the stock maintains its breakout momentum, it may continue to rise 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.

Stock name: Indus Towers Ltd.

Pattern: Double bottom pattern

Time frame: Monthly

Observation:

The stock has been declining since May 2015. From April 2019 to April 2024, it stabilized, forming a double bottom pattern on its monthly chart. In April 2024, the stock broke out of this pattern with above-average trading volume. Currently the RSI level of the stock is in overbought zone. Technical analysis suggests that if the breakout momentum holds, the stock may continue to rise.

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:

  • JSW Cement will invest Rs 3,000 crore to set up a cement manufacturing facility in Nagaur, Rajasthan. The facility will include clinkerization and grinding units, an 18 MW waste heat recovery system, and a 7-km conveyor for limestone transport. This investment, funded by equity and debt, will create over 1,000 jobs and supports JSW Cement's goal of expanding its capacity to 60 MTPA.

  • Tata Motors has partnered with Bajaj Finance to offer supply chain finance solutions to its passenger vehicle and electric mobility dealers. This collaboration will help dealers access funding with minimal collateral, enhancing their working capital and enabling them to capitalize on the growing passenger vehicle market.

  • Godrej Properties acquired 10 land parcels worth over Rs 21,000 crore in FY24 for housing projects. The company aims to buy more parcels generating Rs 20,000 crore in sales bookings this fiscal and plans to launch projects worth Rs 30,000 crore to achieve 20% sales growth. In FY24, sales bookings rose 84% to Rs 22,527 crore, and quarterly profits increased by 14%.
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