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Home / Markets / Stock Markets /  Graphite India shares rebound from lower levels. Experts give buy tag
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Graphite India shares: After hitting its lower levels in November and December 2021, Graphite India share price has given sharp upside moves and in year-to-date (YTD) time it has risen from around 510 to 535 apiece levels, logging over 5 per cent jump in 2022. In this period, BSE Sensex and NSE Nifty have delivered zero return whereas BSE Mid-cap index has shed more than 2 per cent. So, the high beta mid-cap stock has generated alpha return in 2022.

According to stock market experts, Graphite India shares hit death cross on chart pattern as its 50 DMA fell below its 200 DMA. Graphite went on to slide up to its 52-week low of 396 apiece levels on NSE towards end of year 2021. However, after ushering in New Year 2022, Graphite India shares bounced back from its lower levels and scaled up to 543 levels, today intraday high of the scrip. They said that the stock is expected to give fresh breakout at its 200 DMA placed near 600 and can go up to 650 in short term.

Speaking on Graphite India share price outlook; Sumeet Bagadia, Executive Director at Choice Broking said, "Graphite India shares are high beta stocks and they have given sharp upside move after forming death cross on the chart pattern in November 2021. The slide continued till end of 2021 but in 2022, the stock has been giving sharp upside bounce from its lower levels. Now, it is near to its 200 DMA, which is placed at 600. Currently, the stock is range-bound between 500 to 600 range. Those who have this stock in their portfolio are advised to hold the counter further whereas fresh buyers are advised to buy this scrip either on dip or above 600 levels." Sumeet Bagadia of Choice Broking said that death cross is formed on chart pattern when a stock's 50 DMA falls below 200 DMA.

Echoing with Sumeet Bagadia's views; Anuj Gupta, Vice President at IIFL Securities said, "Graphite India shares are one of the death cross stocks today. It is currently sideways and breakout in this high beta stock is awaited at 600 levels. However, in the case of profit booking at this strong hurdle, the stock may fall up to 450 levels giving fresh breakdown at 500 apiece levels. So, bullish or bearish trend in the scrip can be ascertained on the basis of breakage of either side of the current range of this stock. Till then, fresh buyers are advised to avoid taking any position in the counter as it may go any way from current levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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