Central Bank of India slips 13% in four days

Central Bank of India tumbled 4.01% to Rs 34.75, extending losses for the fourth consecutive trading session.

Shares of the state-run lender lost 12.58% in four trading sessions from its recent closing high of Rs 39.75 on 14 December 2022.

On the BSE, 37.38 lakh shares were traded in the counter so far compared with average daily volumes of 122.73 lakh shares in the past two weeks. The stock hit a high of Rs 37.2 and a low of Rs 34.3 so far during the day.

The stock hit a 52-week high of Rs 41.8 on 14 December 2022. The stock hit a 52-week low of Rs 16.1 on 16 June 2022.

The stock had outperformed the market over the past one month, advancing 34.69% compared with 0.16% rise in the Sensex.

The scrip had outperformed the market in past three months, soaring 70.76% as against Sensex's 2.55% increase.

The counter had also outperformed the market in past one year, surging 64.3% as against 9.71% jump in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 64.665. 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 25.02, 22.17 and 20.21, respectively. These levels will act as crucial support zones in near term.

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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