MindTree corrects on profit booking

MindTree tumbled 5.17% to Rs 4363.10 on profit selling after recent steep gains.

Shares of MindTree jumped 11.61% in the past four sessions from its recent closing low of Rs 4,122.20 on 20 September 2021.

Shares of MindTree hit a record high of Rs 4732.40 on 24 September 2021. The stock has soared 251.86% from its 52-week low of Rs 1240 hit on 25 September 2020.

In the past one month, the stock has surged 19.77% as against 6.99% rise in the Sensex. It has jumped 243.98% in the past one year compared with 60.60% surge in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 35.50. 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 below its 50-day simple moving average (SMA) placed at 4412.70 and above its 200-day SMA at 3879.34.

Mindtree is a global technology consulting and services company. It is now a Larsen & Toubro Group Company.

It reported an 8.2% increase in net profit to Rs 343.40 crore on 8.6% rise in revenues to Rs 2,291.70 crore in Q1 FY22 over Q4 FY21.

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