Intellect Design Arena hits all time high; jumps 41% in one month

Intellect Design Arena rose 1.40% to Rs 928.65 on NSE, extending its winning run to eleventh consecutive trading session.

Shares of the IT company advanced 30% in eleven trading sessions from its previous closing low of Rs 713.80 posted on 15 March 2022. The counter hit an all time high of Rs 942.40 in intraday today. The stock has zoomed nearly 60.8% from its 52-week low of Rs 577.45 recorded on 23 August 2021.

In last one month, the stock has moved nearly 41% higher outperforming the Nifty 50 index which rose 6% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 82.424. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 737.49 and 715.71 respectively. These levels will act as crucial support zones in near term.

Intellect Design Arena has a comprehensive portfolio of products across Global Consumer Banking, Central Banking, Risk & Treasury Management, Global Transaction Banking and Insurance and is engaged in the business of software development.

The company's consolidated net profit surged 25.9 % to Rs 101.31 crore on a 33% increase in net sales to Rs 508.29 crore in Q3 FY22 over Q3 FY21 .

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