J&K Bank hits 52 week high, jumps 24% in five days

Jammu and Kashmir Bank (J&K Bank) rose 4.60% to Rs 56.85, extending gains for the fifth trading session.

Shares of J&K Bank surged 24.53% in five consecutive sessions.

On the BSE, 33.81 lakh shares were traded in the counter so far compared with average daily volumes of 16.86 lakh shares in the past two weeks.

The stock hit a 52-week high of Rs 57.60 today, 7 December 2022. The stock hit a 52-week low of Rs 23.80 on 20 June 2022.

The stock had outperformed the market over the past one month, rising 39.51% compared with 2.19% rise in the Sensex.

The counter had outperformed the market in past one quarter, advancing 77.93% as against Sensex's 5.93% rise.

The scrip had also outperformed the market in past one year, surging 53.23% as against Sensex's 8.49% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 86.235. 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 37.86, 34.12 and 32.41 respectively.

Srinagar-based J&K Bank is a scheduled commercial bank. It functions as a leading bank in the Union Territories of Jammu & Kashmir and Ladakh. The State Government of Jammu and Kashmir holds 70.12% in the bank.

The bank's standalone net profit surged 119.2% to Rs 243.49 crore on 11.95 jump in total income to Rs 2,444.59 crore in Q2 FY23 over Q2 FY22.

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