Bharat Forge shares up 5.42% as Nifty drops
A total of 151,612 shares changed hands on the counter till time (IST).
Shares of gained 5.42 per cent to Rs 1307.45 in Wednesday's trade. It hit a high of Rs 1356.15 and low of Rs 1209.0 during the session.On the technical charts, the 200-DMA of the stock stood at Rs 1120.39, while the 50-DMA was at Rs 1178.29. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.
The stock traded above the signal line of momentum indicator moving average convergence divergence, or MACD, signalling a bullish bias on the counter. The MACD is known for signalling trend reversal in traded securities or indices. It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on top of the MACD to reflect "buy" or "sell" opportunities.
On the other hand, the Relative Strength Index (RSI) of the stock stands at 67.4. Traditionally, a stock is considered overbought when the RSI value is above 70 and oversold when it is below 30.
The return on equity (RoE) for the stock stood at 7.87 per cent while the Return on Capital Employed (RoCE) was at 6.34. RoCE is a financial ratio that determines a company's profitability and the efficiency of capital use, while the RoE is a measure of profitability of a business in relation to the equity.
Source: Stocks-Markets-Economic Times
