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Novartis India shares jump nearly 10% amid broader market recovery
The stock rose from an intraday low of ₹2,001 to a session high of ₹2,164.60, and analysts said sustaining above ₹2,100 is key to maintaining momentum.
Novartis India shares surged nearly 10% on 5 October, as Indian equities rebounded after the Nifty 50’s longest weekly losing streak in 25 years, according to LiveMint Markets.
During the session, the stock opened at an intraday low of ₹2,001 on the BSE and later climbed to a high of ₹2,164.60, with technical analysts pointing to a gap-up that lacked sustained follow-through buying.
Rajesh Bhosale of My Advisor Alpha said the shares need to hold above ₹2,100 to sustain positive momentum, while recent lows around ₹1,900 are likely to serve as strong support.
Sudeep Shah of SBI Securities said the stock found support around its 20-day EMA before a mild pullback, and noted it continues to trade above key moving averages on daily and weekly charts.