Observations
- Drop from Jun'18 High was 85%
- Drop from Sep'21 High was lesser extent; of 65% and lesser number of months (even though the pace of move was almost similar)
- Buy Support came at 350 in Jan'23-Mar'23 when price was supported at that level with higher volume that was noticeable
- The next support to price was at higher level of 400 in Aug'23-Oct'23
- Price has help up above 450 even though volume has increased in Feb'24
- Pace of Upmove appear lesser in intensity compared to earlier buying from 2020 low.
- Given above, it could be possible that distribution is still continuing by FII as is evident from the drop in their shareholding
- Going forward -- plan to watch if it is able to overcome 580/600 zone and sustains above that area in face of increase in supply that might emerge at higher levels
- Drop from Jun'18 High was 85%
- Drop from Sep'21 High was lesser extent; of 65% and lesser number of months (even though the pace of move was almost similar)
- Buy Support came at 350 in Jan'23-Mar'23 when price was supported at that level with higher volume that was noticeable
- The next support to price was at higher level of 400 in Aug'23-Oct'23
- Price has help up above 450 even though volume has increased in Feb'24
- Pace of Upmove appear lesser in intensity compared to earlier buying from 2020 low.
- Given above, it could be possible that distribution is still continuing by FII as is evident from the drop in their shareholding
- Going forward -- plan to watch if it is able to overcome 580/600 zone and sustains above that area in face of increase in supply that might emerge at higher levels