Olectra Greentech hits all time high; zooms 20% in six days

Olectra Greentech surged 3.48% to Rs 497.90, extending its winning run to sixth consecutive trading session.

Shares of Olectra Greentech have surged 20.88% in six trading sessions from its previous closing low of Rs 411.90 on 28 September 2021. The counter hit an all-time high of Rs 501.95 in intraday today. The stock has zoomed 839% from its 52-week low of Rs 53 recorded on 22 October 2020.

In last one month, the stock has moved nearly 60% higher outperforming Nifty 50 index which rose 2.5% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 84.813. 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 347.57 and 277.29 respectively. These levels will act as crucial support zones in near term.

Olectra Greentech has major interests in electric buses, composite insulators, amorphous core-distribution transformers, data analysis and IT consulting.

The company reported a consolidated net profit of Rs 1.32 crore in Q1 FY22 as against a net loss of Rs 5.08 crore in Q1 FY21. Net sales during the quarter increased by 91% YoY to Rs 42.27 crore.

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