PTC Industries hits record high after 7% rally

PTC Industries Limited shares rose 7.03% to Rs 24,750 and hit a fresh record high on 7 October, a third straight gain. The QIP issue opened the same day. PTC Industries Limited [

] shares rose 7.03% to Rs 24,750 on 7 October and hit a fresh all-time high of Rs 24,800. It is the third straight session of gains for the stock. The company opened a qualified institutional placement on the same day, with a floor price of Rs 22,150 per share. It is part of a plan to raise up to Rs 1,800 crore. Fresh issues can add to supply, so the reaction needs watching. business-standard askfuzz The session opened at Rs 23,850 and touched a low of Rs 23,755. The stock moved above its September peak, which keeps the bullish momentum intact. The recent swing low at Rs 21,515 is the major support. At record highs there is no earlier resistance on the chart, so pivot levels are used. business-standard The pivot point from the day's high, low and close is Rs 24,435. A move above Rs 25,115 would bring Rs 25,480 into focus. A fall below Rs 24,070 would put Rs 23,390 in view. A break under Rs 21,515 would weaken the trend. Bullish momentum expected to be continue while price holds above Rs 24,000. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.