Page Industries has rallied quickly after recapturing the 20 and 50 day SMAs on Friday. Increased involvement in the rally is indicated by large rising volumes as prices rise. The RSI daily strength indicator has turned positive, indicating that strength is increasing.
The company's stock dropped to a low of Rs 525.75 on the BSE, down from Rs 548.65 at the previous closing. The one-time loss is related to a subsidiary firm in the United States that received a final arbitration order and a notice of lease termination in its dispute with the lessors of the coking coal mining and plant leases.
On Friday, equity indices extended their winning streak to a second day, boosted by strong demand for IT, bank, and auto companies amid a positive trend overseas.