Coffee Day Enterprises Ltd shares climbed substantially in Friday trading to reach a one-year high. The stock increased 9.97% to Rs 58.90, from a previous close of Rs 53.56. The multibagger scrip has risen 123.11 percent from its one-year low price of Rs 26.40 on March 28 this year to today's high of Rs 58.90.
In response to a BSE query about share price volatility, the company recently gave clarification. "The increase in volume of shares of the company is purely due to market conditions and absolutely market driven and the management is in no way connected with any such movement in increase in volume," Coffee Day said in a press release.
Support on the technical setup may be found at Rs 50, followed by Rs 53 and Rs 54. On the upside, resistance might be found above Rs 65. Two analysts proposed that profits be booked at current levels.
"The stock recently gained significant momentum from the 100-period moving average level of Rs 45," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. It has just broken above the Rs 57 level, with good volume participation. A significant increase is likely in the coming days. With near-term support remaining near Rs 54, the scrip is expected to reach next goals of Rs 62-71 in the coming days." Anand Rathi Shares and Stock Brokers Senior Manager - Technical Research Analyst Jigar S Patel "The stock has support around Rs 50 and resistance near Rs 65."
"A decisive close above Rs 59 level can push the stock to further highs of up to Rs 68," said AR Ramachandran of Tips2trades. The number of supporters will be 53. At current levels, investors should record profits."
According to DRS Finvest founder Ravi Singh, traders should think about booking profits. Coffee Day Enterprises is a coffee bean trading company. The corporation owns and maintains a resort as well as provides consulting services. It is also involved in the coffee business, which includes everything from sourcing, processing, and roasting coffee beans to retailing coffee to domestic and international customers.
Coffee Day Global, Tanglin Retail Reality Developments, Tanglin Developments, Giri Vidhyuth (India), Coffee Day Hotels & Resorts, Coffee Day Trading, and Coffee Day Econ are the company's seven subsidiaries.
