The stock is trading above the most crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts. This is a positive sign for the bulls. It breached its July 3, 2023, swing high of Rs 199.40 last week. It closed at Rs 204.70 on April 5.
Aditya Birla Capital soared to a 52-week high post-Macquarie report, with bullish momentum and positive outlook. Experts recommend holding for investors and buying on dips towards Rs 170-175 for a short-term target of Rs 250.
"We believe Aditya Birla Capital (ABCL) is poised to show strong growth in loans and earnings driven by its lending (NBFC and HFC) and savings (life insurance) businesses in the next several years," Macquarie analyst Suresh Ganapathy said in a report.
Aditya Birla Capital, part of the financial services space, could surpass 200 levels and reach a fresh 52-week high if the momentum sustains. Short-term traders can accumulate the stock for a bounce back towards 200 levels in the next 1-2 months, as the stock is trading well above most of the crucial short- and long-term moving averages.
Aditya Birla Capital share price surged 11 per cent, a day after reporting Q3FY24 results, with consolidated revenue rising 29 per cent YoY and profit after tax jumping 39 per cent YoY.