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Promoters held 41.94 per cent stake in the company as of 30-Sep-2023, while FII and DII ownership stood at 26.14 per cent and 15.54 per cent, respectively.

Short buildup means more people are expecting the prices to go down and creating short positions.

On the technical charts, the RSI of the stock stood at 74.22.

These stocks include SBI, Cyient, Sansera Engineering, and Manappuram Finance.

"We wish to inform you that Canara Bank has in principle approved to initiate the process of listing its Mutual Fund Subsidiary Canara Robeco Asset Management Company Ltd, in the Stock Exchanges by way of an Initial Public Offer (IPO)," the state-owned lender said in a notification to exchanges.

Mahantesh Sabarad says: “Currently, the commercial vehicles are better poised relative to the other two that you name, the tractors and the passenger cars, simply because commercial vehicles seem to be now going up the cycle in terms of volumes. Plus, we also have an advantage coming in the form of better margins with overall commodity prices easing out a bit.”

Short-term traders can look to buy the stock now or on dips for a possible target above 3600 levels in the short to medium term, suggest experts.

It is an uptrend signal if the RSI value has crossed above 50 from below.

The stock quoted a 52-week high price of Rs 4244.55 and a 52-week low of Rs 2775.3.

As of 30-Sep-2023, promoters held 63.97 per cent stake in the company, while FIIs held 12.39 per cent and domestic institutional investors had 9.81 per cent.