India's Dilip Buildcon surges to overbought zone for first time in 10 mths

Dilip Buildcon

30/05/2023 07:18

** Shares of Dilip Buildcon Ltd  DIBL.NS  rise as much as
20% to hit upper circuit at 202.95 rupees, entering overbought
zone for the first time in around 10 months
    ** Highways and dam builder's relative strength index seen
above 70 for first time since Aug. 2, 2022 – suggesting it is
overbought
    ** Co's shares rise to their highest level since March 9
    ** DIBL shares rise above their 50- and 100-day simple
moving average price of 177.25 rupees and 193.62 rupees,
respectively – suggesting bullish momentum     
    ** More than 7 mln shares change hands by 11:35 a.m. IST,
17x their 30-day avg volume
    ** Additionally, 263,335 shares change hands in a block deal
at 10:20 a.m IST at 202.95 rupees apiece - NSE data
    ** At current levels, stock trims YTD losses to 6.5%,
extends gains in May to 12.4% 

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))