The currency was weighed down by dollar demand from local oil companies. Thai baht and Chinese yuan weaken. Importers pressure rupee. Forex trader mentions foreign banks selling dollars. Derivative contracts cause turmoil.
The stock hit a record high of Rs 2,961 on 7th March 2024 but failed to hold the momentum. It witnessed mild profit taking but the trend is largely on the upside. The speciality chemical stock gave a breakout from a falling trendline resistance on the upside as well as from an inverted Head & Shoulder pattern. The neckline of the pattern was placed around 2,800 levels. The stock closed at Rs 2,865 on 7th March 2024.
The Indian rupee ended little changed on Tuesday despite rising to its highest in nearly three weeks in the session as dollar demand from state-run banks, likely on behalf of importer clients, eroded the local unit s gains, traders said.
The Maruti Suzuki stock which is also part of the S&P BSE Sensex index hit a fresh record high of Rs 11,537 on February 19, 2024. The momentum helped the stock to break out from a Symmetrical Triangle pattern on the daily charts which has opened room for further upside.