The jump in share price was also supported by strong volumes.
Cipla has given a breakout of downward slopping trend line with volume confirmation indicating positive strength of the stock.
The stock has rallied 24 percent in the past one month on the back of reports that Tata Mutual Fund is in talks to buy a majority stake in the company
UTI AMC shares had a gap up opening and gained more than 11 percent to Rs 859.55, the highest closing level since August 16 this year. The stock has formed long bullish candle on the daily charts with large volumes, and has seen a breakout of horizontal resistance trend line adjoining several points (February 9, February 17, and August 30 this year).
The dip in the valuation of the AMC stocks is in contrast to the favourable industry trends and presents an investment opportunity
With the ebbing of the virus risk and equity markets scaling new highs, investors poured in Rs 20,742 crore in equity schemes in July — more than a four-fold rise over June
The company reported a total income of Rs 350.11 crore during the first quarter ended June 30, 2021 as compared to Rs 270.37 crore in the same quarter a year ago.
These are proxies for capital market growth and have seen a stellar run from the bottom of the crash last year
Sectoral tailwinds, attractive valuation and improving market share make UTI AMC a worthy bet
HDFC Securities is bullish on UTI Asset Management Company has recommended buy rating on the stock with a target price of Rs 650 in its research report dated February 02, 2021.
UTI AMC had a weak debut on October 12, falling 9.5 percent to Rs 500 on the NSE and then closed 14 percent lower at Rs 476.20.
UTI AMC traded with volumes of 13,69,454 equity shares on the BSE and 1,08,08,276 shares on the NSE.