SBI Life Insurance Company has seen a 10 percent correction in the month of March from the peak that it hit in early March, but from there it bounced quite a bit and yesterday, April 3, it ended close to its 52 week high.
It took support at 200-day moving average (DMA) and it bounced off Rs 860 odd mark and now it has crossed 20-50-100 as well as 200-day moving average, as the technical level suggests.
It moved up yesterday and volumes were absolutely spectacular. The traded volume yesterday was more than 50 lakh shares on the National Stock Exchange (NSE). Normally in the last 10 days, we have seen around 20-22 lakh shares of thereabouts and even delivery was much higher, it was 50 percent higher than the 10-day average.
The stock moved yesterday with good momentum and even in the futures market, it did a long addition to the tune of 18-20 percent open interest built-up.
Watch the accompanying video of CNBC-TV18’s Nigel Dsouza for more details.