Tata Motors has been trending to new highs almost each month last year, but now it seems that technical parameters are stretched. Today, we have got a spinning candle and the price is showing a negative divergence with RSI.
The 52-week high serves as a crucial technical indicator for both traders and investors, reflecting the highest price a stock attained in the preceding year.
MUMBAI: Benchmark equity indices registered their lifetime highs helped by strong cues from global equities and likely buying from foreign portfolio investors, said dealers.
Risk appetite among investors remained strong as they bet on a structural recovery in the Indian economy that may help the country onward to a higher growth trajectory post the COVID-19 pandemic.
Jefferies’ Christopher Wood termed India the “best post-COVID-19 recovery story in Asia”, reflecting the optimism among investors for an economy that has entered a technical recession in the first two quarters of the current financial year due to the pandemic and subsequent nation-wide lockdown.