Among the long list of stocks which are making new life-time highs, Solar Industries is definitely on the radar. The stock was up as much as 10 percent yesterday, and its intraday volumes were well over three months. In fact, over the last three months, the stock has advanced by as much as 23 percent and this is backed by volumes as well.
If you consider the five-day average volumes, that is up as much as 136 percent as compared to the one-month volumes.
Similarly, deliverable volumes are also nearly double of the one-month volumes when it comes to the five-day averages.
As far as supports are concerned, at this point in time, considering we have seen a sharp upmove, you could consider yesterday's low as the immediate support that would be at around Rs 1,822. If you consider the 20-day moving average (DMA), that would be around Rs 1,764.
The reasons behind gains in Solar Industries – expectations of further pickup in demand for explosives, as well as good traction in the domestic, export markets, and that is the reason why it is on the radar today.