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A total of 41,865 shares changed hands on the counter till 10:31AM (IST).

On the technical charts, the RSI of the stock stood at 71.83.

I think Avenue Supermarts is a fantastic company. They have done very, very well. They have reshaped the Indian grocery retail in a big way. But always my challenge was that valuation was extremely rich and I think at that kind of valuation, the margin of error is very, very limited

​So, this is a very-very positive statement coming out of the RBI that the formal guidelines around FLDG would be published very soon.

​If you look at consumption, especially the discretionary stocks, valuations are more stretched out there. So, in that context, I think FMCG valuations is not a big risk but given still slightly elevated level of valuations, your returns may not be very high but I think the risk reward is looking good because both margins and volumes will see an uptick over the next two to three quarters

Equities across the Asia-Pacific region soared to their highest point since mid-February after an overnight rally on Wall Street, with investors betting that the US Federal Reserve would not raise rates this coming week. The positive speculation was supported by falls in Australian and Japanese bond yields in line with those in US Treasury bonds, and the US dollar remained subdued during early Asian trading. MSCI’s broadest index of Asia-Pacific shares rose by 0.6%, boosted by a 1.66% jump in Japan’s Nikkei. However, traders’ fears over future rate hikes were not eliminated, with the odds still holding at one in four for a rate increase on 14 June.

​A bearish reversal scan on the candlestick screener can help in ascertaining stocks where the trend can change downward from an uptrend zone.​

The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock.

Hence, a gradual uptrend or in the form of a burst mode of up moves with each passing quarterly earnings may be observed in the markets parallel to the increase in corporate earnings, which are expected to be 11-12% kind of growth for this year.

Incremental optimism is a function of relatively better earnings resilience, possible reduction in the cost of capital, and reversal of FII flows at the margin over the last 3 months.