The stock had rallied more than 14 percent in previous two consecutive sessions, forming large bullish candlestick patterns on both days after reporting healthy quarterly earnings.
shares fell 4 percent on February 7 after having a two-day winning run, forming a Bearish Harami pattern on the daily charts.
The stock had rallied more than 14 percent in the previous two consecutive sessions, forming large bullish candlestick patterns on both days after reporting healthy quarterly earnings.
The real estate developer backed by Mahindra Group has clocked a 37 percent year-on-year growth in consolidated profit at Rs 34 crore for the quarter ended December FY23 on strong topline, sharp fall in operating loss and exceptional gain of Rs 27.08 crore for the quarter.
The loss at the EBITDA level (earnings before interest, tax, depreciation and amortisation) narrowed significantly to Rs 11.4 crore for the three-month period ended December FY23, from Rs 38.8 crore in the same period last year.
Consolidated revenue from operations for the quarter at Rs 187 crore surged 668 percent over a year-ago period, the company had said in its filing to exchanges on February 2.
The stock was trading at Rs 383 on the NSE, down 4.17 percent at 15:15 hours IST.
Technically, the stock has seen the formation of a Bearish Harami candlestick pattern on the daily charts, indicating that the prices may turn on the downside. With Tuesday’s correction, the stock has already fallen below the 100-day EMA (Rs 386) and is very close to 200 EMA (days exponential moving average – Rs 382), but on four-hour charts, it has already broken the 200-day EMA (Rs 386).