Upper circuit alert: FMCG stock volatile amid high trading volume, check share price
The stock's 14-day relative strength index (RSI) is 35.89. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of fast-moving consumer goods (FMCG) Elitecon International Ltd hit a 5 per cent upper circuit in the opening trade as stock market rally amid strong global cues and as India and the United States agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from current 25 per cent. The stock opened gap up with a gain of 3.29 per cent at Rs 72 against the previous close of Rs 69.71 on the BSE. Amid a surge in trading volume, the stock gained further to hit a 5 per cent upper circuit of Rs 73.19. However, the stock later dipped to touch the low of Rs 66.60. This is a trend reversal as the stock has fallen after three days of consecutive gain. Last seen, the stock was trading at Rs 66.92 and the market cap of the company stood at Rs 10,697.16 crore.
Technically, it trades higher than the 5-day moving averages but lower than the 20-day, 50-day and 200-day moving averages.
The stock's 14-day relative strength index (RSI) is 35.89. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Meanwhile, the BSE has placed the stock under the Short Term Additional Surveillance Measure Stage 4 (ST ASM-4) framework.
Stock market today
The 30-share BSE Sensex jumped 3,656.74 points to 85,323.20 in opening trade. The 50-share NSE Nifty surged 1,219.65 points to 26,308.05. Later, both the benchmark indices further extended their winning momentum. The BSE benchmark zoomed 4,205.27 points or 5.14 per cent to 85,871.73. The Nifty jumped 1,252.8 points or 4.99 per cent to 26,341.20.
Global markets and FII
In Asian markets, South Korea's Kospi rebounded and jumped 5 per cent. Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were also trading higher. US markets ended higher on Monday.
Foreign institutional investors offloaded equities worth Rs 1,832.46 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 2,446.33 crore, according to exchange data.
Brent crude, the global oil benchmark, dipped 0.51 per cent to USD 65.96 per barrel.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)