Investors with a short-term perspective can sell the stock of Amara Raja Batteries at current levels. Following a medium-term uptrend from the 52-week low of ₹350 seen in late March this year, the stock had encountered a key resistance at ₹680 in early June.
After testing this resistance early this week, the stock reversed direction triggered by negative divergence on the daily RSI. It fell 3 per cent on Thursday, breaking below the key base level at ₹650.
The near-term trend is bearish for the stock. Besides, the medium-term uptrend is losing bullish momentum. There has been a fall in daily volumes over the past week. The daily RSI has entered the neutral region from the bullish zone and the weekly RSI is featuring in the neutral region. In line with the stock price, the daily price rate of change indicator has been charting down over the past one week.
With the stock declining below the crucial level of ₹650, the short-term outlook has turned bearish. It can witness selling pressure at higher level and continue to trend downwards. Traders with a short-term view can sell the stock at current levels with stop-loss at ₹654. Short-term targets are at ₹615 and ₹600.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
Thank you for being a loyal user of Portfolio.
Portfolio will be a paid section hereon.
Please Subscribe to get access to one of our early bird packs.
Or click on Free Trial to get 14 days free trial.
What You'll Get
-
Web + Mobile
Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.
-
Exclusive Portfolio and Investment Advice, Banking, Lifestyle and Specials
Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others.
-
Ad free experience
Experience cleaner site with zero ads and faster load times.
-
Personalised dashboard
Customize your preference and get a personalized recommendation of stories based on your interest.
Published on
June 12, 2020
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism