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Previously the stock turned from this level and there was seen a rally towards 73. On hourly, chart it is making N wave which is looking lucrative.

Last Week, Food Secretary Sanjeev Chopra said the ministry will assess the domestic production of sugar in January before considering a hike in the quota. The food secretary was speaking on the sidelines of the Annual General Meeting (AGM) of industry body ISMA.

The yellow metal kickstarted the year at around Rs 48,000 levels and touched a high of Rs 55,000 in March on the back of a geopolitical crisis led by the Russia-Ukraine war.

“Midcap stocks is the flavour of this quarter, so we have selected the best of the pack. GMR Infra on the quarterly charts has tested the levels of 10 twice (30.09.2013 & 30.12.2016 quarter) & has formed a double bottom pattern,” Sujit Deodhar, Head - Technical Analyst, Wellworth Share & Stock Broking, said.

"We are expanding hiring beyond the 10 cities, we are going into non-traditional areas and hiring non engineers a lot more than we used to. The women labour force participation is moving up much faster. It is still embarrassingly low at 25%, but it had gone down to 19%. Hopefully, we will get back to the 90-91 peak of 31%. My sense is that domestic consumption right now and IT are the two engines. So sales, customer service and logistics are where we see the fastest hiring and where the most open positions are."

"We believe that slowdown in growth rates is also baked into stock prices. We expect growth rates of 5-8% in FY2024E, down from 11-16% in FY2023E for Tier 1. A deeper recession has implications on multiples and is not fully priced in," Kotak said.

The report added that internal approvals are in and Tata has received an in-principle nod from the other big investor in the AMC - global investment management firm T Rowe Price Group, which holds around 23% stake.

A total of 6,727 shares changed hands on the counter till 01:04PM (IST).

The stock traded at a P/E multiple of 10.13, while the price-to-book value ratio stood at 2.85.

The quota reserved for qualified institutional buyers (QIBs) was subscribed 4.13 times, while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 1.51 times and 1.65 times, respectively.