DSIJ Mindshare

Structurally, the stock has been making a higher high and higher low on the weekly chart, indicating a positive price structure. As the stock is trading at a 31-week high, all the short and long-term moving averages are trending upside. The 20, 50 & 200-DMA are clearly trending up and moreover, they are in the desired sequence.   

Interestingly, it was the IT sector again that provided the much-needed support to the index and this was quite evident from the fact that among the top three contributors, two were from the IT sector namely, Infosys & TCS.   

The stock is down by about 25 per cent from its high of Rs 690, which was registered in July 2021 and has been one of the underperformers over the last one year. Can this news trigger a change in the course of the trend of the stock? Only time would tell as the market participants would like to track the financial performance of the stock.

Contribution from value-added segments, viz – precision tubes, forging, and engineering structures increased from 49 per cent in Q3FY21 to 53 per cent in Q3FY22.  

The stock registered an all-time high of Rs 1,525.95 as of September 15, 2021, and thereafter, it corrected 20 per cent from the all-time high level to the lows of December 17, 2021. The stock ended Monday’s session in the green as it gained over a per cent thereby, outperforming the benchmark and broader market indices by a wide margin.