In terms of price action, the stock is now trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts which is a positive sign for the bulls. The daily Relative Strength Index (RSI) is at 66.9. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. The daily MACD is above its center and signal Line, this is a bullish indicator.
Nifty 50 has been falling amid concerns of prolonged rate hikes by the Fed, sustained FII selling, and high valuations. Experts expect some volatility in the market in the short term. They advise following a stock-specific approach at the current juncture.
The stock hit a 52-week high of Rs 844 on September 16, 2022, but it failed to hold on to the momentum. The stock closed at Rs 512 on September 15, 2023, translating into a fall of over 39%.
Analysts advise following a stock-specific approach at the current juncture. They recommend buying Wipro, UCO Bank, BCL Industries, REC, Kotak Mahindra Bank, etc.