Edelweiss Financial Services spurted 4.94% to Rs 74.35 after well-known investor Rakesh Jhunjhunwala hiked his stake in the company by 15 basis points to 1.19% in June quarter.
Ace investor Rakesh Radheshyam Jhunjhunwala bought 14.35 lakh equity shares or 0.15% stake in Edelweiss Financial Services in June quarter. Post transaction, Rakesh Radheshyam Jhunjhunwala has increased his shareholding to 1.19% from 1.04% in March quarter.
On the technical front, the stock's RSI (relative strength index) stood at 81.636. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 51.16 and its 200-day moving average (DMA) placed at 76.81.
The Edelweiss Group is one of India's leading diversified financial services conglomerates providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals.
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