Rallis India Ltd.'s shares surged 13.87 percent on Monday, reaching a one-year high of Rs 320.95. At Rs 313.65, the shares ultimately finished 11.28 percent higher. It has gained 24.09 percent at this price over the last five sessions.
The huge trading volume of agrochemicals and insecticides on the BSE. Today, almost 4.12 lakh shares were exchanged. The amount was greater than the 61,000 share two-week average volume. With a market capitalization (m-cap) of Rs 6,099.52 crore, the counter had turnover of Rs 12.80 crore. Because they anticipated an increase in agricultural output, analysts stayed mostly optimistic about the counter.
According to YES Securities Managing Director Amar Ambani, the La Nina phenomenon would increase agricultural productivity and lower food costs. Better agricultural prospects are typically interpreted as encouraging news for equities tied to agriculture.
"Rallis has seen a tremendous surge backed by robust volumes leading to a consolidation breakout on daily charts," stated Osho Krishan, Senior Research Analyst-Technical & Derivatives at Angel One. The stock is currently aiming for the short-term Rs 330–340 range. Although the support is located in the Rs. 298–290 subzone." According to Religare Broking's Senior Vice-President (Retail Research), Ravi Singh, "The stock looked strong on charts." It can reach the upside objective of Rs 345. Maintain the stop loss at Rs. 308."
Anand Rathi Shares and Stock Brokers' senior manager of technical research analysis, Jigar S. Patel, stated: "Rs 290 and 330 will be the resistance and support levels, respectively. A strong closing over Rs 330 might start a new upswing above Rs 340. For a month, the anticipated trading range is between Rs 280 and Rs 340." As a division of Tata Chemicals, Rallis India is a member of the Tata Group. The business offers agri-inputs solutions.
