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Momentumisers: Key factors behind GMR Infra’s surge

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Momentumisers: Key factors behind GMR Infra’s surge

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Yesterday, September 20, the market ended virtually at a low point. Nifty was down close to a percent, but GMR Infrastructure was a big outperformer because it ended with a gain of around 7 percent.

Yesterday, September 20, the market ended virtually at a low point. Nifty was down close to a percent, but GMR Infrastructure was a big outperformer because it ended with a gain of around 7 percent.
However, in the last one year or so, in September 2020, the stock was at a 52-week low at Rs 20 and yesterday, it hit a fresh 52-week high. Therefore, in the last one year or so, its performance has been more or less in line with what is seen on the Nifty, with a gain of around 55-60 percent or thereabouts.
Yesterday, the volumes were much higher. So, volumes were up by seven times in comparison to the average and not just that, the delivery volumes as well were nearly five times what is seen on an average.
So, good volumes, a big upmove is what we saw and a big build-up in the futures market as well. So, 60 lakh shares getting added, not just in this contract, but even in the next contract – that’s the October series contract. So, big addition there.
In terms of levels, the 20-day moving average (DMA) is the closest support at around Rs 30.50 approximately. So that should be the near-term support. Otherwise, the stock really caught the eye, in an otherwise dwindling market, did very well.
Watch the accompanying video of CNBC-TV18’s Nigel Dsouza for more details.
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