Technical Analysis of SYRMA & DRREDDY

Stock name: Syrma SGS Technology Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

Experiencing a swift rise post-April 2023, the stock later underwent consolidation, forming a double top pattern from August 2023 to February 2024. A breakout occurred on February 12, 2024, but the stock is currently undergoing a retest of this breakout. The Relative Strength Index (RSI) is notably low. Technical analysis suggests that if the breakout momentum persists, the stock may continue its downward trajectory.

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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. Reddy's Laboratories Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has maintained an upward trajectory overall. Between June 2021 and January 2024, a cup and handle pattern emerged on the weekly chart. Towards the end of January 2024, the stock experienced a breakout from this pattern. This breakout was supported by above-average trading volume and a bullish signal from the MACD indicator. Following the breakout, the stock has been moving upwards. Technical analysis suggests that if the current momentum persists, the stock may continue its upward trend.

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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