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Graphite India recently formed a rounding bottom formation on the daily chart. The momentum indicator RSI is comfortably trading in the buy zone, confirming the bullish momentum.
The stock is down by about 0.5% in a week compared to over 2% gain seen in the S&P BSE Sensex in the same period. It rose more than 4% in a month compared to 9% gain seen in the benchmark index.
The overall market sentiment remains bullish on Thursday, and considering the current levels, traders are advised to initiate fresh long positions, Kunal Shah, LKP Securities said. A stop-loss can be set at 20,800, targeting potential upside levels of 21,400/21,500 in the near term, he adds.
County real estate taxes will increase 12.8%, adding $33.4 million to the budget.
Amid a volatile trading session, Indian benchmark indices ended in the red on Tuesday, breaking their two-session winning streak. India VIX stood at 12.18, up 7.45% on Tuesday.