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The daily Relative Strength Index (RSI) is at 71.3. RSI above 70 is considered overbought. This implies that stock may show pullback, Trendlyne data showed. The daily MACD is above its center and signal Line, this is a bullish indicator.
The stock rose from Rs 3,405 as on 18 May 2023 to Rs 4,773 on the BSE recorded on 18 August 2023 which translates into an upside of over 40%.
The private banking stock has been making lower lows for the past 4 weeks on the weekly charts and experts are of the view that there is room for further downside amid weakness seen in the banking space.
The commercial vehicle stock rose more than 10% in a month and over 20% in the last 3 months which pushed the stock to a record high of Rs 191 on 11th August 2023.
The stock hit a record high of Rs 477 on 4th January 2023 but it failed to hold on to the momentum. The stock saw a vertical drop from record highs but managed to find support above 50-DMA on the weekly charts in March 2023.