Historically, we have seen that RIL stock price follows price action and breakout most of the time for intraday trading and should be in any long-term portfolio, says Co-Founder of Financial Independence Services Ankit Choudhary
RBL Bank share price gains over 4% due to substantial growth in deposits and advances; MRPL gains 12% giving a handsome pole and flag breakout above Rs 81, forming a pattern that may see a target of Rs 92-93. Samvardhana Motherson International opens gap up, jumping 6%, but remains in the range of Rs 88 to Rs 94 throughout the day
Stocks in focus included names like Shriram Finance, which pared gains after hitting a fresh 52-week high, KEI Industries, which rose nearly 5%, and Swan Energy, which rose nearly 8% with a rise in volumes on Thursday.
Indian markets closed higher on Friday, with the S&P BSE Sensex increasing over 400 points, and the Nifty50 closing above 18,800. Buying was seen in banks, capital goods, FMCG, and public sector stocks, while IT and realty stocks experienced selling. Three stocks, Data Patterns, Mazagon Dock Shipbuilding, and IDFC First Bank, either hit a 52-week high or saw a volume or price breakout. Data Patterns closed at an all-time high; Mazagon Dock Shipbuilding saw a Pole and Flag pattern breakout; and IDFC First Bank saw a rally above Rs 70.