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Despite the sharp fall, the daily momentum indicator still has a positive crossover, suggesting that this dip should be bought into. Until Nifty breaches, this range decisively on either side the range bound action is likely to continue, and we might see sector rotation and stock specific action,"

The stock has formed a higher base above 100 day’s EMA and subsequently witnessed a faster pace of retracement wherein it retraced the preceding 10 week’s decline in just four weeks, highlighting the robust price structure.

Over the last five financial years, the cap on sugar exports has varied. In 2018-19, 2019-20, 2020-21 and 2021-22, sugar companies were allowed to export 3.8 million tonnes, 5.9 million tonnes, 7 million tonnes and 11 million tonnes, respectively.

The stock quoted a 52-week high of Rs 5015.45 and a 52-week low of Rs 3365.9.

Adani stocks have been on a winning spree since last week as positive headlines dominated conversations around the Ahmedabad-based airport-to-apples conglomerate which has been under tremendous scrutiny since the release of a scathing report by Hindenburg Research.

Promoters held 51.14 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.34 per cent, DIIs 24.96 per cent.

The Nifty Bank index was trading 0.06 per cent up at 40510.95.

A total of 12,059 shares changed hands on the counter till 10:20AM (IST).

The counter is in a downward trend, but it is trying to bottom out from the lower levels at around Rs. 130. The overall figure of the counter is distorted, as all the important moving averages are above the trading price.

“One can buy one-third of the quantity when Yes Bank gives a strong bullish candlestick closing above the Rs 18.6 level. Second, buy another 50% quantity when you see the stock walking the Bollinger bands with consecutive green candles on the weekly chart,” Ghose said.