Rallis India Shares Jump 16% To Hit Fresh One-Year High; Here’s Why
Rallis India share price: The stock surged today, pausing their three-day losing run. The stock gained 15.64 per cent to hit a new one-year high of Rs 294.25.
Shares of Rallis India Ltd surged in Thursday’s trade, pausing their three-day losing run. The stock gained 15.64 per cent to hit a new one-year high of Rs 294.25. An analyst attributed today’s sharp rise to Tata Sons’ potential listing buzz, which could be having a positive rub-off effect on the counter.
The counter witnessed massive trading volume today as 16.80 lakh shares changed hands on BSE at the time of writing this story. The figure was way more than the two-week average volume of 45,000 shares. There were 14,29,172 buy orders against sell orders of 1,07,777 shares.
On technical setup, support on the counter will be around Rs 275-260 levels. And, resistance could be seen in the Rs 300 zone.
AR Ramachandran from Tips2trades said, “Tata Chemicals is a promoter in Rallis India. And, potential listing of Tata Sons is possibly having a positive rub-off effect on the counter. It looks bullish on daily charts with strong support at Rs 260. A daily close above resistance of Rs 295 could lead to a target of Rs 330 in the near term.”
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 270 and resistance at Rs 295. A decisive close above Rs 295 level may trigger a further upside till Rs 300.”
DRS Finvest founder Ravi Singh said, “The stock looked strong on daily charts and can hit an upside target of Rs 300 in the near term. Keep stop loss placed at Rs 275.”
Separately, the agri-inputs company has recently appointed Gyanendra Shukla as Managing Director and Chief Executive Officer (CEO) for a period of five years with effect from April 1, 2024. He will take over from Sanjiv Lal on completion of his term on March 31, 2024.
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