In June and in the middle of February, the stock of Just Dial went up to around Rs 1,100 and from there it saw a correction of about 10 percent.

However, on Thursday, July 8, the stock had momentum and in an otherwise wobbly market, the stock ended with a gain of around 7 percent. Just Dial is currently trading at around Rs 1081.95.

The National Stock Exchange (NSE) data, both the traded volume numbers -- close to 10 times of what normally gets traded and also the delivery data was supportive as well, normally around 3-4 lakh shares get delivered on the NSE but that number moved close to 15 lakh shares. So, it appears that the stock has some momentum.

Therefore, on the downside, the 20-day moving average (DMA) is the first support that comes at Rs 1,006 approximately.

Watch the accompanying video of CNBC-TV18’s Nigel Dsouza for more details.

(Edited by : Dipika Ghosh)