Grasim Industries shares hit record high today, can they cross Rs 2,700 mark?

Shares of Grasim Industries rose for the third straight session to hit a record high on Tuesday. Grasim Industries stock zoomed 4.11% to a record high of Rs 2374.75 against the previous close of Rs 2280.95 on BSE. Market cap of the firm climbed to Rs 1.61 lakh crore.

Later, the stock closed 3.59% higher at Rs 2362.90 on BSE today. Total 0.46 lakh shares of Grasim changed hands amounting to a turnover of Rs 10.80 crore. Market cap of the firm rose to Rs 1.61 lakh crore.

The share has gained 43% in one year and gained 12% since the beginning of this year. It has risen 172% in five years.

The share fell to a 52-week low of Rs 1,649.28 on April 24, 2023. The stock has a beta of 0.7, indicating low volatility in a year.

Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said, “The cement giant has hit a new historic peak on Tuesday, exhibiting fresh breakout in the stock. The price action is headed towards Rs 2500 and Rs 2700 levels, despite the strength indicator, Relative strength index (RSI) trading sideways since several sessions. Immediate support stays at Rs 2280, followed by Rs 2250. The medium-term support exists at Rs 2220, which has continuously bolstered the positive bias. The trend remains constructive, with price witnessing accumulation around Rs 2,200 level.”

Abhijeet from Tips2trades said, “Grasim stock price is bullish on the Daily charts with strong support at Rs 2264. A daily close above the resistance of Rs 2335 could lead to a target of Rs 2450 in the near term."

In terms of technicals, the relative strength index (RSI) of Grasim Industries stands at 56, signaling it's trading neither in the overbought zone nor in the oversold zone. Grasim Industries shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

Grasim Industries is a leading global player in VSF and a prominent producer of Chlor-Alkali, Advanced Material, Linen Yarn and Fabrics in India. It also entered the paints manufacturing business in the beginning of 2021.