Avenue Supermarts has taken everyone by a bit of a surprise over the last 3-4 days. The stock hit a lifetime high on Tuesday. In the last 6 days it has moved up as much as 16 percent, outperforming the benchmark – the Nifty500 moved up as much as 9 percent in the same period.
Importantly, at this point in time, considering the sharp upmove, its support has now moved up around Rs 2,400-mark. In fact, this is backed by good volumes as its 3-day average volumes are 83 percent higher as compared to its one-month average volumes. Similarly, deliverable volumes are also 31 percent higher as compared to one month.
Increasing prospects of higher footfalls in the coming months, a distribution led cost advantage among other factors are playing in favour of Avenue Supermarts.
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