Latest Stock Market News

In Friday’s trading session, five stocks witnessed a build of fresh short positions.

The stock quoted a 52-week high of Rs 632.0 and a 52-week low of Rs 412.0.

MFSL stock hit a 52-week high of Rs 988 on 21st November 2023. It gave a breakout from the Flat pattern on the weekly charts which has opened room for the stock to head higher.

The Relative Strength Index of the stock stood at 64.11 on Friday.

Investors had a change of hearts for the newly-listed stock after it impressed with 94% YoY growth in Q2 profit, 21% YoY rise in quarterly revenue to Rs 496 crore. Its Ebitda margin also expanded 170 bps YoY to 8.1% to its highest ever level.

“In auto, I still would put my money on Maruti for Rs 12,000. Eicher and Hero and Bajaj are the three winners but they are all hitting new highs. So, either you chase new highs, which is a technical breakout or you stay with Maruti. I would put my money in Maruti as well as Eicher.”

"We believe the long-term capex story remains intact as we are seeing a massive shift in the capex cycle benefiting from the China plus strategy. For us the domestic capex story remains intact and consumers and corporate sentiments are resilient with a steady macro regime post-COVID, but we do not rule out the volatility as the hardening of USD and crude oil prices could pose a challenge in the interim."

RSI or the relative strength index computes the ratio of the recent upward traction in the stock price movement relative to its absolute price movement. The RSI value ranges between 0 and 100.