Macrotech Developers continued its northward journey for the fifth session in a row, rising nearly 7 percent on March 3, as benchmark indices traded over 1.5 percent higher in the late afternoon.
The stock has formed a long bullish candlestick pattern on the daily charts, with significantly higher volumes, making higher highs and higher lows for the third straight session.
At 2.58 pm, the stock was trading 6.68 percent higher at Rs 1,064. The stock has added 48 percent during the week, with higher volumes on all five days, especially after forming bottom at around Rs 711 on February 24.
Macrotech is trading above all key moving averages (20, 50, 100 and 200-day exponential moving averages). Even momentum indicator relative strength index is above 60 level and moving average convergence divergence has a positive crossover, indicating bullish sentiment.
The Bollinger band also expanded a bit with the day's rally, suggesting momentum. Hence, there is a possibility of the stock climbing to this year's high of Rs 1,142, which it hit on January 20.
After five days of gain, a bit of profit-taking can't be ruled out before resumption of the up move, experts said.
Other realty stocks also participated in the run, with Godrej Properties, Indiabulls Real Estate, Oberoi Realty, DLF, and Sunteck Realty, gained 1-4 percent . However, Phoenix Mills and Prestige Estates Projects were moderately under pressure.
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