Stay updated with breaking news from Chart Check. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The stock has been trading in a rising channel since 2014-2015 on the monthly charts. It has always bounced back after retesting the lower trendline of the channel pattern.
The housing finance company recorded a breakout above 130 levels from a falling trendline resistance in July 2023 from where it witnessed a steep rally which took the stock towards 170 levels at the beginning of August.
The stock which is part of the S&P BSE Smallcap index rose from Rs 507 as on July 24, 2023, to Rs 558 recorded on August 24, 2023 which translates into an upside of about 10% in a month.
The stock witnessed a corrective phase after it touched a high of Rs 3860 on 2 May 2022. The stock underwent a period of consolidation and found support above Rs 2700 in December before bouncing back.
The stock witnessed some pressure above Rs 400 levels in June 2023 which pushed the stock towards Rs 370 in June 2023. The momentum helped the stock to climb above 50 and 200-DMA on the daily charts.