Shares of Coal India Ltd gain as much as 2.03 per cent to Rs 268.75, the highest since November 13, 2018.
Stock broke above a resistance at Rs 264.17. Breakout is supported by volume as the five-day average volume is about 59 per cent higher than the 30-day average volume
The breakout suggests that in a couple of days the stock may test the next resistance at Rs 276.63.
The stock’s 20-day exponential moving average (EMA) cuts above it’s 200-day EMA. This is a bullish sign.
The stock up 13.2 per cent in past three months to Tuesday’s close, outperforming the Nifty’s 10.7 per cent gains in the same period.
