DSIJ Mindshare

Indian markets are likely to open the first trading session of the week on a positive note based upon positive global cues. At 7:55 am, SGX Nifty was trading with gains of 47.50 points at 11,423.50 levels. However, going by the past records it is noticed that the life above the 11,400 mark is not comfortable for the bulls.

The company reported consolidated net sales of Rs 417.11 crore in Q1FY21, which declined by 71.03 per cent YoY from Rs 1439.75 crore in Q1FY20.

Consolidated profit stood at Rs 272.84 crore for Q1FY20. It declined by 65.5 per cent as compared to Rs 790 crore that it had reported in Q1FY20.

The 14-period RSI on the daily timeframe is in bullish territory. Furthermore, in the recent sideways phase, the RSI never breached its 60 mark, which indicates that the stock is in a super bullish range as per RSI range shift rules.

Currently, the stock has formed a bearish engulfing candlestick pattern on the daily timeframe, which suggests that the bears have put the foot in the door.