Central Bank of India hits 52 week high; jumps 38% in seven days

Central Bank of India surged 7.28% to Rs 33.90, extending gains for the seventh trading session.

Shares of Central Bank of India surged 38.09% in seven consecutive sessions.

On the BSE, 1.02 crore shares were traded in the counter so far compared with average daily volumes of 46.20 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 34.50 today, 9 December 2022. The stock hit a 52-week low of Rs 16.10 on 16 June 2022.

The stock had outperformed the market over the past one month, rising 40.96% compared with 2.17% rise in the Sensex.

The counter had outperformed the market in past one quarter, advancing 65.77% as against Sensex's 4.29% rise.

The scrip had also outperformed the market in past one year, surging 50% as against Sensex's 6.04% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 85.552. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 22.60, 20.85 and 19.57 respectively.

Central Bank of India is a public sector bank. The Government of India holds 93.08% stake in the bank. The state-run lender's net profit rose 27.26% to Rs 318.17 crore on 8.24% increase in total income to Rs 7,064.96 crore in Q2 FY23 over Q2 FY22.

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