The stock of Polycab India rallied 8.5 percent yesterday, January 13, and that came in the last one hour of trade.
Yesterday’s volumes were 5-times the average volumes. Therefore, based on some data as far as the NSE volumes are concerned, yesterday around 19 lakh shares were traded and the 5-day average is around 3.5 lakh. The turnover yesterday was around Rs 500 crore and the 5-day average is Rs 92 crore.
The current market price is around Rs 2,685 per share so, it is comfortably above the 20-50-100 and 200-day moving average (DMA).
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The open interest was up 50.5 percent yesterday and there were fresh longs on the stock as well.
Watch the accompanying video of CNBC-TV18’s Sonal Bhutra for more details.