GMR Infra zooms 13 per cent, heads for multi-year breakout

GMR Infrastructure Ltd, a stock that used to be traders’ favourite, is buzzing on the bourses today.  

The stock has recorded double-digit gains. With this, it registered a fresh 52-week high on the back of an extraordinary spurt in volumes. The stock has recorded more than a fourfold jump in the volumes compared to its 10-day and 30-day average volume. Furthermore, the volumes recorded were the highest since August 2020.   

On MTD basis, the stock is up by 16.60 per cent while on a YTD basis, it is up by 14.7 per cent. The stock has underperformed Nifty 500 index if we compare its performance from April 2020 till date. However, the stock is now nearing its multi-year breakout. And, technically, when a stock breaks through a multi-year resistance level, it can lead to a significant rally.   

A meeting of the company’s board of directors is scheduled for June 18, 2021 (Friday) to inter-alia consider & approve the audited financial results of the company (standalone & consolidated) for the year ended March 31, 2021.