Why is PVR Inox Stock Up 2.42% Amidst Market Downturn?
PVR Inox shares closed at ₹1,562.95 on October 30, 2024, marking a 2.42% increase from the previous day’s closing price. Despite a broader market decline, the stock managed to outperform, driven by positive technical indicators. The stock is trading above key moving averages, suggesting strong upward momentum. However, it faces resistance at higher levels, which could limit further upside potential in the short term.
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Why is PVR Inox Stock Up 2.42% Amidst Market Downturn?
Positive day for PVR Inox amidst market decline
Why is PVR Inox Stock Up 2.42% Amidst Market Downturn? As of October 31, 2024, PVR Inox’s stock opened at ₹1,580 and ended slightly lower at ₹1,569.8. Throughout the day, it reached a peak of ₹1,580 and dipped to a low of ₹1,549.7, showing a minor decline from its opening price. At 4:01 PM, PVR Inox was trading at ₹1,569.8, up 0.66% from the previous close, while the Sensex was at ₹79,389.06, down by 0.69%.
Technically, the stock is trading above the 5, 10, 100, and 300-day simple moving averages (SMAs), though it remains below the 20 and 50-day SMAs. The SMAs for PVR Inox are as follows:
The Simple Moving Averages (SMA) for PVR Inox’s stock are as follows:
– 5-day SMA: ₹1,517.36
– 10-day SMA: ₹1,554.78
– 20-day SMA: ₹1,580.17
– 50-day SMA: ₹1,586.12
– 100-day SMA: ₹1,511.53
– 300-day SMA: ₹1,454.73
On a daily basis, the classic pivot level analysis indicates resistance at ₹1,587.0, ₹1,599.15, and ₹1,619.35, with support at ₹1,554.65, ₹1,534.45, and ₹1,522.3. By 4 PM, the trading volume on both NSE and BSE had risen by 78.89% over the previous session, suggesting a potential trend shift. Generally, positive price action with high volume supports an uptrend, whereas declining prices with high volume could imply further downward movement. Following a robust uptrend, Mint’s technical analysis suggests PVR Inox is showing signs of a potential reversal.
Fundamentally, the company reports a Return on Equity (ROE) of -0.44%. The 1-year median forecast predicts a 17.79% upside with a target price of ₹1,849. In terms of holdings, promoters have 0.00%, mutual funds hold 3.98% (up from 3.95% in June), and foreign institutional investors (FIIs) hold 20.69% (up from 18.07% in June).
Today, PVR Inox’s 0.66% gain reflects similar trends among its peers, despite benchmark indices Nifty and Sensex closing down by 0.56% and 0.69%, respectively.
PVR Inox bucks market trend, closes higher
Why is PVR Inox Stock Up 2.42% Amidst Market Downturn? On October 31, 2024, PVR Inox’s stock opened at ₹1,580 and closed a bit lower at ₹1,569.8, having hit a high of ₹1,580 and a low of ₹1,549.7. At 4:01 PM, the shares were trading at ₹1,569.8, up by 0.66% from the prior closing price. Meanwhile, the Sensex was trading at ₹79,389.06, down by 0.69%.
Technically, the stock is above its 5, 10, 100, and 300-day simple moving averages (SMAs) but below the 20 and 50-day SMAs, indicating resistance at the latter two levels. The SMA values for the stock are:
The Simple Moving Averages (SMA) for PVR Inox’s stock are:
5-day SMA: ₹1,517.36
10-day SMA: ₹1,554.78
20-day SMA: ₹1,580.17
50-day SMA: ₹1,586.12
100-day SMA: ₹1,511.53
300-day SMA: ₹1,454.73
Daily pivot level analysis shows resistance at ₹1,587.0, ₹1,599.15, and ₹1,619.35, with support at ₹1,554.65, ₹1,534.45, and ₹1,522.3. As of 4 PM, trading volume on the NSE and BSE was 78.89% higher than the previous session, suggesting potential trend strength. Higher volume with a positive price move generally supports an upward trend, while a decline with higher volume can signal further weakness. After a strong uptrend, Mint’s technical analysis suggests that the stock might be showing signs of reversal.
On the fundamental side, PVR Inox has a Return on Equity (ROE) of -0.44%. The median 1-year forecasted upside stands at 17.79%, with a target price of ₹1,849. Promoter holding is 0.00%, mutual fund (MF) holdings increased to 3.98% in the September quarter (up from 3.95% in June), and foreign institutional investors (FII) hold 20.69% (up from 18.07% in June).
Today, PVR Inox’s 0.66% rise aligns with gains in similar stocks, despite broader indices Nifty and Sensex being down by 0.56% and 0.69%, respectively.
PVR Inox Outperforms, Closes Up 2.42%
Why is PVR Inox Stock Up 2.42% Amidst Market Downturn? On October 30, 2024, PVR Inox’s stock opened at ₹1,534.85 and closed at ₹1,562.95, after reaching a high of ₹1,568.35 and a low of ₹1,518.2 during the trading session. At 4:01 PM, it was trading at ₹1,562.95, up 2.42% from the previous closing price, while the Sensex was down by 0.53% at ₹79,942.18.
From a technical standpoint, the stock is trading above the 5, 100, and 300-day simple moving averages (SMAs) but below the 10, 20, and 50-day SMAs, with these levels acting as support and resistance, respectively. The SMA values for the stock are:
The Simple Moving Averages (SMA) for PVR Inox’s stock are:
– 5-day SMA: ₹1,519.00
– 10-day SMA: ₹1,564.14
– 20-day SMA: ₹1,587.08
– 50-day SMA: ₹1,584.27
– 100-day SMA: ₹1,509.41
– 300-day SMA: ₹1,455.69
According to pivot level analysis, the stock has resistance at ₹1,577.85, ₹1,597.8, and ₹1,627.6, with support at ₹1,528.1, ₹1,498.3, and ₹1,478.35.
The company’s September filings reveal that promoter holding stands at 0.00%, mutual fund (MF) holdings have increased from 3.95% in June to 3.98%, and foreign institutional investor (FII) holdings have risen from 18.07% to 20.69%. The 2.42% increase in PVR Inox’s share price today is in line with its peers, even as broader indices Nifty and Sensex declined by 0.51% and 0.53%, respectively.
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