Shares of Indian Oil Corporation Ltd. gained 2.75 per cent to Rs 173.6 in Thursday’s trade. It hit a high of Rs 174.5 and low of Rs 168.25 during the session.
On the technical charts, the 200-DMA of the stock stood at Rs 125.82, while the 50-DMA was at Rs 171.09. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.
