Rallis India share price surges 14% to hit 52-week high; should you buy the stock? Here's what experts say
₹320.95 in intraday trade on BSE on Monday, June 10, in an otherwise lacklustre market. Rallis India share price opened at ₹286.70 against its previous close of ₹281.85 and surged 13.9 per cent to hit its 52-week high level.
Around 1:25 pm, Rallis India stock traded 12.3 per cent higher at ₹316.50 apiece on BSE, while the equity benchmark Sensex was 46 points, or 0.06 per cent, up at 76,739.Rallis India shares have been in the green for the last four consecutive sessions. Taking today's high into consideration, the stock has jumped 25 per cent in June so far while the Sensex has gained 4 per cent in the same period.Also Read: Stocks to buy: Tech Mahindra, Tata Motors, L&T among 9 stocks that may rise 6-15% in the next 3-4 weeks, say analystsThe stock hit its 52-week low of ₹191.50 on BSE on June 9 last year, and at the market price of ₹320.95, it has surged 68 per cent from that level.Today's sharp gain in the stock followed the breakout of the rounding bottom pattern on the daily chart along with significant volume.
Technical experts expect the stock to rise to the level of ₹400 in the near future."The overall trend for Rallis is bullish, with confluence from various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to achieve a target price of ₹380 & ₹400 in the near term," said Mandar Bhojane, an equity research analyst at Choice Broking.Also Read: Nifty 50 can add 1,200 points in June, says Nirmal Bang; lists 2 technical and 2 fundamental stock picksBhojane advises buying the stock on dips, particularly around ₹294, with a stop loss at ₹270.Bhojane pointed out that the Relative Strength Index (RSI) stands at 76.7 and is on an upward trend, signifying a
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