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While selling continues in the domestic market, the inclusion of the stock in the global indices such as FTSE and MSCI provided no support. This is because funds owning RIL stock already have Jio Financial shares, so, there will be no fresh adjustments in their portfolio.

The stock quoted a 52-week high of Rs 5425.0 and a 52-week low of Rs 4120.0.

“If companies can compound earnings by even 17-18% or so, for an extended period of time, then you have a multibagger in your investment holdings. This is true of the last so many stocks that I have seen for the last 10-15 years or so. The critical thing is to remain invested and ride through the turbulence.”

​If sentiment towards China does not change, we are now seeing money coming not through the EM basket. Now, imagine 94% of the FII AUM still is not India dedicated, that is either EM or some global fund, etc. so, there is not really investors putting directly money into it. That could start changing.

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.

A total of 14,002 shares changed hands on the counter till 11:17AM (IST).

Promoters held 42.41 per cent stake in the company as of 30-Jun-2023, while FIIs owned 5.32 per cent, DIIs 11.11 per cent.

Indian large, small and midcap indices are the amongst best-performing Equities in the world in the last four months, led by our resilient macro environment. As the Fed has once again raised interest rates by 25 bps, RBI has maintained its pause showing the underlying strength in the Indian economy. India today consumes almost 50% of its oil imports from Russia at cheaper prices leading to swelling forex reserves. All this is building up a case for a stronger currency in the medium-term horizon.

"We need to increase defence spending and also de-risk. Therefore we have seen a lot of traction in the Make in India programme. Now, this is very beneficial for both defence PSUs as well as companies such as Bharat Forge, et cetera, which are starting to build out their defence practices. For Bharat Forge, this is particularly important given that a reasonable part of the businesses are still dependent on internal combustion engine kind of lines of business."

On the weekly options front, the maximum Call OI is placed at 19400 and then towards 19500 strikes while the maximum Put OI is placed at 19300 and then towards 19200 strikes.