The S&P BSE Sensex rose 560 points while the Nifty50 closed above 22,300 levels. Sectorally, buying was seen in capital goods, consumer durables, public sector, and healthcare stocks while selling was seen in utilities.
The stock rose over 7% in a week and more than 16% in the last three months, Trendlyne data showed. It took support above the 200-DMA on the daily charts and neckline or the support area of a Triangle pattern on the weekly charts, which suggests that a potential technical bounce back can be on the cards.
The stock staged a breakout from a Triangle formation on the weekly charts and is sustaining above the same, which is a positive sign for the bulls. It hit a record high of Rs 3,914 on 23rd November but failed to hold on to the momentum, and closed at Rs 3,812 on 29th November 2023
The stock has been a laggard and underperformed not just the sector but also the Nifty index, giving negative returns of 0.70% over the past 12 months. While the Nifty Auto index has rallied 24% during this period, the broader Nifty50 has yielded 15% gains.