Sharemasterindia.com: Coal India shares gained as much as 1.4 per cent to hit a 52-week high
of Rs 420.80 on the Bombay Stock Exchange on Wednesday. The stock had
gained nearly 4 per cent yesterday. Over the last month, Coal India
shares have gained over 13 per cent as compared to 0.5 per cent gain in
the broader Sensex.
Technical analyst Rajat Bose told NDTV that Coal India shares have broken out of a range on strong volumes, which augurs well for the stock. If Coal India shares continue to trade above Rs 415, the stock can hit Rs 445, he added.
Fundamental analysts have turned positive on Coal India because the world's biggest miner of coal has reported higher production in the first two months of the current quarter. According to a statement on the BSE, Coal India's production in April and May has gone up by around 12 per cent year-on-year.
Over the last one year, Coal India has underperformed the broader Sensex as it had failed to meet its production target. But now, the stock seems to be in an uptrend, analysts say.
As of 9.37 a.m. shares in Coal India traded 0.67 per cent higher at Rs 418 apiece, outperforming the Sensex, which was up 0.11 per cent.
Technical analyst Rajat Bose told NDTV that Coal India shares have broken out of a range on strong volumes, which augurs well for the stock. If Coal India shares continue to trade above Rs 415, the stock can hit Rs 445, he added.
Fundamental analysts have turned positive on Coal India because the world's biggest miner of coal has reported higher production in the first two months of the current quarter. According to a statement on the BSE, Coal India's production in April and May has gone up by around 12 per cent year-on-year.
Over the last one year, Coal India has underperformed the broader Sensex as it had failed to meet its production target. But now, the stock seems to be in an uptrend, analysts say.
As of 9.37 a.m. shares in Coal India traded 0.67 per cent higher at Rs 418 apiece, outperforming the Sensex, which was up 0.11 per cent.
