Mindtree hits record high; rises 9% in three days

Mindtree jumped 5.08% to Rs 1883.60, rising for the third consecutive trading session.

Shares of Mindtree added 9.2% in three trading session from its previous closing low of Rs 1724.45 on 5 March 2021. Mindtree hit an all time high of Rs 1901.80 in intraday trade on BSE. From a 52-week low of Rs 691.95 hit on 3 April 2020, the stock has soared 172%.

On the BSE, 71,081 shares were traded in the counter so far compared with average daily volumes of 34,162 shares in the past two weeks.

In last one month, Mindtree has rallied 9% compared with a 0.9% rise in Nifty IT index in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 71.638. 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 and 100 day simple moving average placed at 1704.61and 1555.57 respectively. These levels will act as crucial support zones in near term.

MindTree is an international information technology consulting and implementation company that delivers business solutions through global software development.

The IT company's net profit rose 28.7% to Rs 326.5 crore on 5% increase in revenue to Rs 2,023.7 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21).

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