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Stock Radar: Down over 20% from highs! This consumer electric company is looking weak on charts
Synopsis
After hitting a record high of Rs 1,503 in October 2021, the stock took support near the Rs 1,037 levels in March 2022. Havells bounced back sharply but hit resistance above Rs 1,300 levels in April 2022.
Havells India Ltd, which has fallen more than 20 per cent from its October 2021 highs, is trading below most of its crucial short- and long-term moving averages, which is a bearish sign. The consumer electronics company, with a market capitalization of over Rs 72,000 crore as of 6 June 2022, hit a 52-week high of Rs 1,503 on 18 October 2021. The stock failed to hold on to the momentum and closed at Rs 1,156 on June 3, a downside of over 23 per
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