Muthuselvaraj M, Research Analyst at Mirae Asset ShareKhan highlights that TCS and HUL have broken down from a triangle pattern, while Ashok Leyland may have formed a double top on the weekly chart.
Cholamandalam Investment stock fell as much as 7.21 per cent during the day to ₹1,678 per share, the biggest intraday fall since October 28, 2024
At 10:45 AM; the Nifty PSU Bank, Nifty Realty and Nifty Auto index were down in the range of 0.67 per cent and 2 per cent, as compared to 0.60 per cent decline in the benchmark Nifty 50.
However, till Wednesday, in the past two trading days, the stock price of the Murugappa Group company - TII had rallied 14%, while in the past seven days had surged 20.4%.
The Relative Strength Index (RSI) is a technical momentum indicator which helps in determining overbought and oversold stocks; in general, a reading below 30 is considered as oversold.