Eicher Motors snaps 3-day gaining streak

Eicher Motors declined 2.19% to Rs 2,633.80 on profit booking after a recent rally.

Shares of Eicher Motors gained 5.65% in the past three trading sessions to settle at Rs 2,692.70 yesterday, 24 November 2020, from its close of Rs 2,548.65 on 19 November 2020. The scrip reversed trend after hitting a 52-week high at Rs 2,724.90 in early trade today.

On the technical front, the stock's RSI (relative strength index) stood at 71.272. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 2,244.40 and its 200-day moving average (DMA) placed at 1,889.51.

Eicher Motors' consolidated net profit dropped 40% to Rs 343.34 crore on 2.7% decrease in net sales to Rs 2,111.98 crore in Q2 September 2020 over Q2 September 2019.

Eicher Motors is the listed parent of Royal Enfield, the global leader in middleweight motorcycles. In addition to motorcycles, Eicher has a joint venture with Sweden's AB Volvo - Volvo Eicher Commercial Vehicles (VECV) which operates in India's commercial vehicle space.

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