I think with retail participation slowing, it will continue to weigh on the stock. The stock has been close to 10X for someone who times to perfection.
The daily market average volumes of non-institutional investors, mainly retail investors and high-net-worth individuals, stood at ₹22,829 crore in January 2023, the lowest since March 2020 and 61% below the peak of ₹58,409 crore in February 2021.
Technically, its bearish significantly below 40WMA and 200 DEMA. Next strong support around 950-975 which is also 38% retracement from ATH. If breaks that, even 600 is possible. Good company but will test patience.
Discl: based on limited knowledge, markets are supreme, sentiments can change.
| Subscribe To Our Free Newsletter |
