Amara Raja Batteries Ltd

NSE :AMARAJABAT   BSE :500008  Sector : Auto Ancillaries

Stock fell 6% in today’s trading session backed by news of stake sale by Clarios, The floor price for the same had been fixed at Rs 746 per share. Stock has posted good Q4 2021 results but due to the news of stake sale via open offer stock corrected. Opened at day high of 756.40 on NSE and Sided to 732 and closed around day’s low at 735.45 on NSE. Stock was top loose in the F&O Segment.

Stock today corrected with heavy volumes witnessed a spurt in volume by more than 33.02 times and was trading with volumes of 4,340,033 shares, compared to its five day average of 109,241 shares, an increase of 3,872.89 percent.

What’s Ahead? Technical Outlook of AMARAJABAT:

Stock is trading in a perfect downwards sloping channel, today stock has opened with Gap down which market tends to fill over the time. On the downside channel strong support lies around 717- 721, one should wait for best buying levels and investors can accumulate stock till 717-721. From here for the next few trading sessions stock can find resistance (hurdle) around 760-765 level. So selling with Stop loss of 775 can be initiated for the target of 717-721. 

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