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FirstCry parent Brainbees shares jump 8% despite broader market weakness
The stock opened at ₹182 on the BSE and traded between ₹178.30 and ₹195.05, but still sits below major moving averages, with ₹200 to ₹205 seen as near-term resistance.
Brainbees Solutions, the parent of FirstCry, saw its shares rise 8% on Monday, September 28, even as the broader stock market declined. The move came after the stock gained 10.01% over the past week and 11.18% over the last two weeks.
Despite the day’s rebound, the shares remain down 16.12% over the past month and 16.57% over six months, and are still down 34.85% year to date. Trading on the BSE opened at ₹182 per share, with an intraday high of ₹195.05 and an intraday low of ₹178.30.
In technical commentary, Sudeep Shah, Vice President for Technical and Derivatives Research at SBI Securities, said the stock continues to trade in a downtrend and remains below key moving averages on the weekly chart. Shah added that on the daily chart, the stock approached its 50-day EMA but faced selling pressure at higher levels.
Shah also pointed to the MACD line staying below the zero line on both daily and weekly charts, reflecting a bearish bias. He said the 20-week EMA zone at ₹200 to ₹205 is likely to act as immediate resistance, with the bearish outlook expected to persist while the stock remains below those levels.