Coffee Day shares surge 10% to hit one-year high; time to book profit?
Coffee Day share price: The company has seven subsidiaries such as Coffee Day Global, Tanglin Retail Reality Developments, Tanglin Developments, Giri Vidhyuth (India), Coffee Day Hotels & Resorts, Coffee Day Trading and Coffee Day Econ.
- Dec 15, 2023,
- Updated Dec 15, 2023 2:38 PM IST
Shares of Coffee Day Enterprises Ltd rose sharply in Friday's trade to scale their one-year high level. The stock soared 9.97 per cent to hit Rs 58.90 as against a previous close of Rs 53.56. At today's high level of Rs 58.90, the multibagger scrip has rallied 123.11 per cent from its one-year low price of Rs 26.40, a level seen earlier on March 28 this year.
The company recently issued clarification in response to a BSE query on share price movment. "The increase in volume of shares of the company is purely due to market conditions and absolutely market driven and the management is in no way connected with any such movement in increase in volume," Coffee Day stated.
On technical setup, support on the counter could be seen at Rs 50, followed by Rs 53 and Rs 54 levels. On the higher side, resistance may be found above the Rs 65 zone. Two analyst suggested booking profits at current levels.
Also read: Coffee Day shares surge 18% today; can they revisit one-year high level?
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock recently has gained significant momentum from the 100-period moving average level of Rs 45. It has just indicated a breakout above the Rs 57 zone with decent volume participation. One can anticipate for a further rise in the coming days. With near-term support maintained near Rs 54, the scrip is likely to witness next targets of Rs 62-71 in the coming days."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, "The stock has support around Rs 50 and resistance near Rs 65."
AR Ramachandran from Tips2trades said, "A decisive close above Rs 59 level can push the stock to further highs of up to Rs 68. Support will be at 53. Investors should be booking profits at current levels."
DRS Finvest founder Ravi Singh said traders should consider booking profit.
Coffee Day Enterprises is engaged in the trading of coffee beans. The company owns and operates a resort and renders consultancy services. It is also engaged in the coffee business which ranges from procuring, processing and roasting coffee beans to retailing coffee to domestic and overseas customers.
The company has seven subsidiaries such as Coffee Day Global, Tanglin Retail Reality Developments, Tanglin Developments, Giri Vidhyuth (India), Coffee Day Hotels & Resorts, Coffee Day Trading and Coffee Day Econ.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Infosys, Zomato, IndusInd Bank shares to benefit from falling interest rates, says Emkay
Also read: Hot stocks on December 15: IREDA, Texmaco Rail, Suzlon Energy, Adani Enterprises and more
Shares of Coffee Day Enterprises Ltd rose sharply in Friday's trade to scale their one-year high level. The stock soared 9.97 per cent to hit Rs 58.90 as against a previous close of Rs 53.56. At today's high level of Rs 58.90, the multibagger scrip has rallied 123.11 per cent from its one-year low price of Rs 26.40, a level seen earlier on March 28 this year.
The company recently issued clarification in response to a BSE query on share price movment. "The increase in volume of shares of the company is purely due to market conditions and absolutely market driven and the management is in no way connected with any such movement in increase in volume," Coffee Day stated.
On technical setup, support on the counter could be seen at Rs 50, followed by Rs 53 and Rs 54 levels. On the higher side, resistance may be found above the Rs 65 zone. Two analyst suggested booking profits at current levels.
Also read: Coffee Day shares surge 18% today; can they revisit one-year high level?
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock recently has gained significant momentum from the 100-period moving average level of Rs 45. It has just indicated a breakout above the Rs 57 zone with decent volume participation. One can anticipate for a further rise in the coming days. With near-term support maintained near Rs 54, the scrip is likely to witness next targets of Rs 62-71 in the coming days."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, "The stock has support around Rs 50 and resistance near Rs 65."
AR Ramachandran from Tips2trades said, "A decisive close above Rs 59 level can push the stock to further highs of up to Rs 68. Support will be at 53. Investors should be booking profits at current levels."
DRS Finvest founder Ravi Singh said traders should consider booking profit.
Coffee Day Enterprises is engaged in the trading of coffee beans. The company owns and operates a resort and renders consultancy services. It is also engaged in the coffee business which ranges from procuring, processing and roasting coffee beans to retailing coffee to domestic and overseas customers.
The company has seven subsidiaries such as Coffee Day Global, Tanglin Retail Reality Developments, Tanglin Developments, Giri Vidhyuth (India), Coffee Day Hotels & Resorts, Coffee Day Trading and Coffee Day Econ.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read: Infosys, Zomato, IndusInd Bank shares to benefit from falling interest rates, says Emkay
Also read: Hot stocks on December 15: IREDA, Texmaco Rail, Suzlon Energy, Adani Enterprises and more