Technical Check: Death Cross on charts! This high beta midcap stock eyes 200-DMA for an upward move towards 650-680
Graphite India Ltd rose 26 per cent in the last year compared to 15 per cent upside seen in Nifty50 in the same period, and 20 per cent rally seen in the S&P BSE 500 index. The stock has been under pressure after it formed a Death Cross on daily charts back in November 2021. A Death cross is formed when 50DMA falls below 200DMA.
The stock is trading well above the 30-DMA which it reclaimed on 1 February, as well as 50-DMA, and 50-EMA placed at 475, and 504 respectively. Pic: Reuters