Technical Analysis of SANOFI & VIJAYA

Stock name: Sanofi India Ltd.

Pattern: Double top pattern

Time frame: Daily

Observation:

The overall trend of the stock has remained in an upward direction. However recently the stock seen some consolidation and formed a double top pattern on its daily chart. On May 09, 2024, the stock registered a breakout from this pattern, supported by heightened trading volume and a bearish MACD indicator. Subsequent to the breakout, the stock has commenced a downward trajectory, accompanied by diminished levels of RSI. Technical analysis suggests that should the current momentum persist, further downward movement in the stock's price may ensue.

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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: Vijaya Diagnostic Centre Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since its listing in 2021, the stock has developed a cup and handle pattern evident on its weekly chart. The stock has seen a breakout occurring in April 2024. This breakout coincided with a bullish MACD indicator and a substantial upward candle formation in May 2024. Presently, the stock's RSI levels are notably elevated. According to technical analysis, should the stock sustain its current momentum, it may see further upward movement.

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:

  • Warburg Pincus acquires Shriram Housing Finance Ltd for Rs 4,630 crore, marking India's largest housing finance M&A deal. The purchase, valued at 2.8 times SHFL's net worth, enables Warburg's entry into India's affordable housing sector. SHFL's management, including Ravi Subramanian, remains unchanged, with plans for a Rs 1,000 crore equity infusion and a rebranding initiative.

  • Coromandel International Ltd has invested Rs 150 crore to acquire an additional 7% stake in Dhaksha Unmanned Systems, raising its total stake to 58%. This move emphasizes Coromandel's commitment to technology diversification. Dhaksha, specializing in UAS technology solutions and remote pilot training services, aims to expand its research, production, and fulfil a Rs 265 crore order book.

  • Zomato announced surrendering its payment aggregator licence and wrote down Rs 39 crore invested in its subsidiary Zomato Payments. Despite receiving regulatory approval, Zomato cited evolving payment landscape and lack of competitive advantage in the payments space as reasons for withdrawal. The decision aligns with RBI's stringent KYC norms for payment aggregators, with Zomato opting out of competition with established players like Razorpay and Cashfree.
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